KKR & Co. (KKR) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
Document and Entity Information
Entity Registrant Name	KKR & Co. L.P.
Entity Central Index Key	1,404,912
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		448,475,203

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and Cash Equivalents	$ 1,280,893	$ 1,047,740
Cash and Cash Equivalents Held at Consolidated Entities	799,413	1,472,120
Restricted Cash and Cash Equivalents	57,302	267,628
Investments	29,785,312	65,305,931
Due from Affiliates	318,567	139,783
Other Assets	2,187,096	2,809,137
Total Assets	34,428,583	71,042,339
Liabilities and Equity
Debt Obligations	16,827,497	18,714,597
Due to Affiliates	429,448	144,807
Accounts Payable, Accrued Expenses and Other Liabilities	2,263,313	2,715,350
Total Liabilities	$ 19,520,258	$ 21,574,754
Commitments and Contingencies
Redeemable Noncontrolling Interests	$ 230,762	$ 188,629
Equity
KKR & Co. L.P. Capital - Common Unitholders (446,126,570 and 457,834,875 common units issued and outstanding as of March 31, 2016 and December 31, 2015, respectively)	5,059,694	5,575,981
Accumulated Other Comprehensive Income (Loss)	(24,341)	(28,799)
Total KKR & Co. L.P. Capital - Common Unitholders	5,035,353	5,547,182
Series A Preferred Units (13,800,000 units issued and outstanding as of March 31, 2016)	332,988	0
Total KKR & Co. L.P. Partners' Capital including Preferred Units	5,368,341	5,547,182
Noncontrolling Interests	9,309,222	43,731,774
Total Equity	14,677,563	49,278,956
Total Liabilities and Equity	34,428,583	71,042,339
Consolidated VIEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	770,845	975,433
Restricted Cash and Cash Equivalents	11,679
Investments	19,692,796	12,735,309
Due from Affiliates	16,090
Other Assets	351,934	133,953
Total Assets	20,843,344	13,844,695
Liabilities and Equity
Debt Obligations	13,830,369	12,365,222
Due to Affiliates	18,591
Accounts Payable, Accrued Expenses and Other Liabilities	359,637	546,129
Total Liabilities	14,208,597	12,911,351
Consolidated VIEs | Consolidated CFEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	606,394	975,433
Restricted Cash and Cash Equivalents	0
Investments	13,652,783	12,735,309
Due from Affiliates	0
Other Assets	163,058	133,953
Total Assets	14,422,235	13,844,695
Liabilities and Equity
Debt Obligations	13,317,612	12,365,222
Due to Affiliates	0
Accounts Payable, Accrued Expenses and Other Liabilities	276,768	546,129
Total Liabilities	13,594,380	12,911,351
Consolidated VIEs | Consolidated KKR Funds and Other Entities
Assets
Cash and Cash Equivalents Held at Consolidated Entities	164,451	0
Restricted Cash and Cash Equivalents	11,679
Investments	6,040,013	0
Due from Affiliates	16,090
Other Assets	188,876	0
Total Assets	6,421,109	0
Liabilities and Equity
Debt Obligations	512,757	0
Due to Affiliates	18,591
Accounts Payable, Accrued Expenses and Other Liabilities	82,869	0
Total Liabilities	$ 614,217	$ 0

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - shares	Mar. 31, 2016	Dec. 31, 2015
Common units issued	446,126,570	457,834,875
Common units outstanding	446,126,570	457,834,875
Series A Preferred Units
Preferred units, issued	13,800,000
Preferred units, outstanding	13,800,000

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Fees and Other	$ 162,805	$ 291,345
Expenses
Compensation and Benefits	125,489	364,999
Occupancy and Related Charges	16,566	15,732
General, Administrative and Other	166,268	134,302
Total Expenses	308,323	515,033
Investment Income (Loss)
Net Gains (Losses) from Investment Activities	(735,223)	1,919,825
Dividend Income	63,213	78,815
Interest Income	230,476	296,158
Interest Expense	(171,394)	(111,963)
Total Investment Income (Loss)	(612,928)	2,182,835
Income (Loss) Before Taxes	(758,446)	1,959,147
Income Tax / (Benefit)	1,890	16,138
Net Income (Loss)	(760,336)	1,943,009
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(38)	1,933
Net Income (Loss) Attributable to Noncontrolling Interests	(430,359)	1,670,569
Net Income (Loss) Attributable to KKR & Co. L.P.	$ (329,939)	$ 270,507
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit
Basic (in dollars per unit)	$ (0.73)	$ 0.62
Diluted (in dollars per unit)	$ (0.73)	$ 0.57
Weighted Average Common Units Outstanding
Basic (in units)	450,262,143	434,874,820
Diluted (in units)	450,262,143	472,225,344

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (760,336)	$ 1,943,009
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustments	8,434	(22,426)
Comprehensive Income (Loss)	(751,902)	1,920,583
Less: Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests	(38)	1,933
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	(426,773)	1,659,564
Comprehensive Income (Loss) Attributable to KKR & Co. L.P.	$ (325,091)	$ 259,086

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Units	Capital - Common Unitholders	Accumulated Other Comprehensive Income (Loss)	Series A Preferred Units	Noncontrolling Interests	Appropriated Capital
Balance at Dec. 31, 2014	$ 51,403,963		$ 5,403,095	$ (20,404)		$ 46,004,377	$ 16,895
Balance (in units) at Dec. 31, 2014		433,330,540
Increase (Decrease) in Partners' Capital
Net Income (Loss)	1,941,076		270,507			1,670,569
Other Comprehensive Income (Loss)- Foreign Currency Translation (Net of Tax)	(22,426)			(11,421)		(11,005)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units			59,495	(405)		(59,090)
Exchange of KKR Holdings L.P. Units and Other Exchangeable Securities to KKR & Co. L.P. Common Units and other equity transfers (in units)		4,723,823
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	274		198	76
Equity Based Compensation	76,550		52,265			24,285
Capital Contributions	1,880,114					1,880,114
Capital Distributions	(3,407,973)		(151,733)			(3,256,240)
Balance at Mar. 31, 2015	51,854,376		5,633,520	(32,154)		46,253,010	0
Balance (in units) at Mar. 31, 2015		438,054,363
Balance at Dec. 31, 2014	300,098
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	1,933
Capital Contributions	2,485
Capital Distributions	(1,347)
Balance at Mar. 31, 2015	303,169
Increase (Decrease) in Partners' Capital
Cumulative-effect adjustment from adoption of accounting policies	(17,202)		(307)				$ (16,895)
Cumulative-effect adjustment from adoption of accounting policies	(17,202)
Balance at Dec. 31, 2015	49,278,956		5,575,981	(28,799)	$ 0	43,731,774
Balance (in units) at Dec. 31, 2015		457,834,875
Increase (Decrease) in Partners' Capital
Net Income (Loss)	(760,298)		(329,939)			(430,359)
Other Comprehensive Income (Loss)- Foreign Currency Translation (Net of Tax)	8,434			4,848		3,586
Deconsolidation of Funds on Adoption of ASU 2015-02	(34,190,890)					(34,190,890)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units			29,633	(253)		(29,380)
Exchange of KKR Holdings L.P. Units and Other Exchangeable Securities to KKR & Co. L.P. Common Units and other equity transfers (in units)		2,513,530
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	911		1,048	(137)
Equity Based Compensation	63,823		49,961			13,862
Unit Repurchases (in units)		(14,221,835)
Unit Repurchases	(194,957)		(194,957)
Equity Issued in connection with Preferred Unit Offering	332,988				332,988
Capital Contributions	507,870					507,870
Capital Distributions	(369,274)		(72,033)			(297,241)
Balance at Mar. 31, 2016	14,677,563		$ 5,059,694	$ (24,341)	$ 332,988	$ 9,309,222
Balance (in units) at Mar. 31, 2016		446,126,570
Balance at Dec. 31, 2015	188,629
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(38)
Capital Contributions	59,500
Capital Distributions	(17,329)
Balance at Mar. 31, 2016	230,762
Increase (Decrease) in Partners' Capital
Cumulative-effect adjustment from adoption of accounting policies	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities
Net Income (Loss)	$ (760,336)	$ 1,943,009
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity Based Compensation	63,823	76,550
Net Realized (Gains) Losses on Investments	43,283	(1,805,787)
Change in Unrealized (Gains) Losses on Investments	691,940	(114,038)
Carried Interest Allocated as a result of Changes in Fund Fair Value	116,956	0
Other Non-Cash Amounts	34,921	(41,658)
Cash Flows Due to Changes in Operating Assets and Liabilities:
Change in Cash and Cash Equivalents Held at Consolidated Entities	329,656	(18,665)
Change in Due from / to Affiliates	(78,798)	32,340
Change in Other Assets	114,332	208,921
Change in Accounts Payable, Accrued Expenses and Other Liabilities	(3,882)	264,915
Investments Purchased	(3,314,089)	(5,656,487)
Proceeds from Sale of Investments and Principal Payments	2,023,404	6,054,272
Net Cash Provided (Used) by Operating Activities	(738,790)	943,372
Investing Activities
Change in Restricted Cash and Cash Equivalents	65,062	49,629
Purchase of Fixed Assets	(1,470)	(3,783)
Development of Oil and Natural Gas Properties	(957)	(42,791)
Proceeds from Sale of Oil and Natural Gas Properties	0	4,863
Net Cash Provided (Used) by Investing Activities	62,635	7,918
Financing Activities
Distributions to Partners	(72,033)	(151,733)
Distributions to Redeemable Noncontrolling Interests	(17,329)	(1,347)
Contributions from Redeemable Noncontrolling Interests	59,500	2,485
Distributions to Noncontrolling Interests	(297,241)	(3,256,240)
Contributions from Noncontrolling Interests	507,870	1,880,114
Issuance of Series A Preferred Units	332,988	0
Unit Repurchases	(194,957)	0
Proceeds from Debt Obligations	1,251,139	1,808,100
Repayment of Debt Obligations	(657,461)	(837,235)
Financing Costs Paid	(3,168)	(6,539)
Net Cash Provided (Used) by Financing Activities	909,308	(562,395)
Net Increase/(Decrease) in Cash and Cash Equivalents	233,153	388,895
Cash and Cash Equivalents, Beginning of Period	1,047,740	918,080
Cash and Cash Equivalents, End of Period	1,280,893	1,306,975
Supplemental Disclosures of Cash Flow Information
Payments for Interest	164,818	100,334
Payments for Income Taxes	11,460	9,472
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contributions of Equity Based Compensation	63,823	76,550
Cumulative-effect adjustment from adoption of accounting policies	0	(17,202)
Debt Obligations - Net Gains (Losses), Translation and Other	(328,860)	(100,525)
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	911	274
Deconsolidation of Funds on Adoption of ASU 2015-02
Cash and Cash Equivalents Held at Consolidated Entities	(355,702)	0
Restricted Cash and Cash Equivalents	(145,264)	0
Investments	(35,967,251)	0
Due From Affiliates	147,427	0
Other Assets	(622,001)	0
Debt Obligations	(2,813,305)	0
Due to Affiliates	330,270	0
Accounts Payable, Accrued Expenses and Other Liabilities	(268,866)	0
Noncontrolling Interests	$ (34,190,890)	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2016
ORGANIZATION
ORGANIZATION	ORGANIZATION KKR & Co. L.P. (NYSE: KKR), together with its consolidated subsidiaries (“KKR”), is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside the capital it manages for fund investors and brings debt and equity investment opportunities to others through its capital markets business. KKR & Co. L.P. was formed as a Delaware limited partnership on June 25, 2007 and its general partner is KKR Management LLC (the “Managing Partner”). KKR & Co. L.P. is the parent company of KKR Group Limited, which is the non-economic general partner of KKR Group Holdings L.P. (“Group Holdings”), and KKR & Co. L.P. is the sole limited partner of Group Holdings. Group Holdings holds a controlling economic interest in each of (i) KKR Management Holdings L.P. (“Management Holdings”) through KKR Management Holdings Corp., a Delaware corporation which is a domestic corporation for U.S. federal income tax purposes, (ii) KKR Fund Holdings L.P. (“Fund Holdings”) directly and through KKR Fund Holdings GP Limited, a Cayman Island limited company which is a disregarded entity for U.S. federal income tax purposes, and (iii) KKR International Holdings L.P. (“International Holdings”, and together with Management Holdings and Fund Holdings, the “KKR Group Partnerships”) directly and through KKR Fund Holdings GP Limited. Group Holdings also owns certain economic interests in Management Holdings through a wholly owned Delaware corporate subsidiary of KKR Management Holdings Corp. and certain economic interests in Fund Holdings through a Delaware partnership of which Group Holdings is the general partner with a 99% economic interest and KKR Management Holdings Corp. is a limited partner with a 1% economic interest. KKR & Co. L.P., through its indirect controlling economic interests in the KKR Group Partnerships, is the holding partnership for the KKR business. KKR & Co. L.P. both indirectly controls the KKR Group Partnerships and indirectly holds Class A partner units in each KKR Group Partnership (collectively, “KKR Group Partnership Units”) representing economic interests in KKR’s business. The remaining KKR Group Partnership Units are held by KKR Holdings L.P. (“KKR Holdings”), which is not a subsidiary of KKR. As of March 31, 2016 , KKR & Co. L.P. held approximately 55.4% of the KKR Group Partnership Units and principals through KKR Holdings held approximately 44.6% of the KKR Group Partnership Units. The percentage ownership in the KKR Group Partnerships will continue to change as KKR Holdings and/or principals exchange units in the KKR Group Partnerships for KKR & Co. L.P. common units or when KKR & Co. L.P. otherwise issues or repurchases KKR & Co. L.P. common units.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of KKR & Co. L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the “financial statements”), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The December 31, 2015 condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR’s Annual Report on Form 10-K for the year ended December 31, 2015 , which include all disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in KKR & Co. L.P.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). KKR & Co. L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated subsidiaries, which include (i) the accounts of KKR’s investment management and capital markets companies, (ii) the general partners of unconsolidated funds and vehicles, (iii) general partners of consolidated funds and their respective consolidated funds and (iv) certain other entities including CFEs. References in the accompanying financial statements to “principals” are to KKR’s senior employees and non-employee operating consultants who hold interests in KKR’s business through KKR Holdings, and references to “Senior Principals” are to KKR’s senior employees who hold interests in the Managing Partner entitling them to vote for the election of the Managing Partner’s directors. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of fees, expenses and investment income (loss) during the reporting periods. Such estimates include but are not limited to the valuation of investments and financial instruments. Actual results could differ from those estimates, and such differences could be material to the financial statements. Principles of Consolidation The types of entities KKR assesses for consolidation include (i) subsidiaries, including management companies, broker-dealers and general partners of investment funds that KKR manages, (ii) entities that have all the attributes of an investment company, like investment funds, (iii) CFEs and (iv) other entities, including entities that employ non-employee operating consultants. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. Pursuant to its consolidation policy, KKR first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. Consolidation Policy Upon Adoption of ASU No. 2015-02 In February 2015, the Financial Accounting Standards Board (“FASB”) issued amended consolidation guidance with the issuance of ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). KKR adopted this new guidance on January 1, 2016 using the modified retrospective method. As a result, restatement of prior period results is not required and prior periods presented in the financial statements have not been impacted. The guidance in ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and also changes the consolidation model specific to limited partnerships. The amendments also clarify how to evaluate fees paid to an asset manager or other entity that makes the decisions for the investment vehicle and whether such fees should be considered in determining when a VIE should be reported on an asset manager's balance sheet. These changes modify the analysis that KKR must perform to determine whether it should consolidate certain types of legal entities. Upon adoption of ASU 2015-02, most of KKR’s investment funds were de-consolidated as of January 1, 2016 resulting in a reduction in consolidated assets, liabilities and noncontrolling interests of approximately $36.9 billion , $2.7 billion and $34.2 billion , respectively. Additionally, as a result of the de-consolidation of most of KKR’s investment funds, management fees and carried interest earned by KKR from investment funds that were previously consolidated will no longer be eliminated. Adoption of ASU 2015-02 had no impact on KKR's partners' capital and Net Income (Loss) Attributable to KKR & Co. L.P. Consistent with the consolidation rules in effect prior to the adoption of ASU 2015-02, an entity in which KKR holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. However, under ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted substantive rights to either dissolve the partnership or remove the general partner (“kick-out rights”) are VIEs under condition (b) above. KKR’s investment funds that are not CFEs (i) are generally limited partnerships, (ii) generally provide KKR with operational discretion and control, and (iii) generally have fund investors with no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the general partner, and as such the limited partners do not hold kick-out rights. Accordingly, most of KKR’s investment funds are categorized as VIEs under ASU 2015-02. KKR consolidates all VIEs in which it is the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which KKR holds a variable interest is a VIE and (ii) whether KKR’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance related fees), would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Pursuant to ASU 2015-02, fees earned by KKR that are customary and commensurate with the level of services provided, and where KKR does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. KKR factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. KKR determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion periodically. For entities that are determined not to be VIEs, these entities are generally considered VOEs and are evaluated under the voting interest model. KKR consolidates VOEs it controls through a majority voting interest or through other means. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE depends on the facts and circumstances surrounding each entity and therefore certain of KKR’s investment funds may qualify as VIEs whereas others may qualify as VOEs. With respect to CLOs (which are generally VIEs), in its role as collateral manager, KKR generally has the power to direct the activities of the CLO that most significantly impact the economic performance of the entity. In some, but not all cases, KKR, through its residual interest in the CLO may have variable interests that represent an obligation to absorb losses of, or a right to receive benefits from, the CLO that could potentially be significant to the CLO. In cases where KKR has both the power to direct the activities of the CLO that most significantly impact the CLO's economic performance and the obligation to absorb losses of the CLO or the right to receive benefits from the CLO that could potentially be significant to the CLO, KKR is deemed to be the primary beneficiary and consolidates the CLO. With respect to CMBS vehicles (which are generally VIEs), KKR holds unrated and non-investment grade rated securities issued by the CMBS, which are the most subordinate tranche of the CMBS vehicle. The economic performance of the CMBS is most significantly impacted by the performance of the underlying assets. Thus, the activities that most significantly impact the CMBS economic performance are the activities that most significantly impact the performance of the underlying assets. The special servicer has the ability to manage the CMBS assets that are delinquent or in default to improve the economic performance of the CMBS. KKR generally has the right to unilaterally appoint and remove the special servicer for the CMBS and as such is considered the controlling class of the CMBS vehicle. These rights give KKR the ability to direct the activities that most significantly impact the economic performance of the CMBS. Additionally, as the holder of the most subordinate tranche, KKR is in a first loss position and has the right to receive benefits, including the actual residual returns of the CMBS, if any. In these cases, KKR is deemed to be the primary beneficiary and consolidates the CMBS. Consolidation Policy Prior to the Adoption of ASU 2015-02 As indicated above, KKR adopted ASU 2015-02 using the modified retrospective method and as such, the prior periods presented in the financial statements have not been impacted. The most significant changes to KKR’s consolidation policy as a result of the adoption of ASU 2015-02 pertained to its investment funds that are not CFEs. There were no significant changes to KKR's CFEs as a result of the adoption of ASU 2015-02. With respect to KKR’s consolidated funds that are not CFEs, KKR generally has operational discretion and control, and fund investors have no substantive rights to impact ongoing governance and operating activities of the fund, and do not have kick-out rights. As a result, prior to the adoption of ASU 2015-02, a fund would be consolidated unless KKR had a nominal level of equity at risk. To the extent that KKR commits a nominal amount of equity to a given fund and had no obligation to fund any future losses, the equity at risk to KKR was not considered substantive and the fund was typically considered a VIE. KKR was determined to be the primary beneficiary if its involvement, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In cases where there was minimal capital at risk, the fund investors were generally deemed to be the primary beneficiaries, and KKR did not consolidate the fund. In cases when KKR’s equity at risk was deemed to be substantive, the fund was generally considered to be a VOE and KKR generally consolidated the fund under the VOE model. As described above, subsequent to the adoption of ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted kick-out rights are deemed to be VIEs. Since substantially all of our investment funds are partnerships where limited partners are not granted kick-out rights, the adoption of ASU 2015-02 resulted in numerous entities that were previously classified as VOEs under the prior guidance becoming VIEs under the new consolidation guidance. Under both the previous consolidation guidance and ASU 2015-02 certain of KKR’s funds and CFEs are consolidated by KKR notwithstanding the fact that KKR has only a minority economic interest in those funds and CFEs. KKR’s financial statements reflect the assets, liabilities, fees, expenses, investment income (loss) and cash flows of the consolidated KKR funds and CFEs on a gross basis. With respect to KKR's consolidated funds, the majority of the economic interests in those funds, which are held by fund investors or other third parties, are attributed to noncontrolling interests in the accompanying financial statements. All of the management fees and certain other amounts earned by KKR from those funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by noncontrolling interests, KKR’s attributable share of the net income (loss) from those funds is increased by the amounts eliminated. Accordingly, the elimination in consolidation of such amounts has no effect on net income (loss) attributable to KKR or KKR partners’ capital. With respect to consolidated CFEs, interests held by third party investors are recorded in debt obligations. KKR’s funds are, for GAAP purposes, investment companies and therefore are not required to consolidate their investments in portfolio companies even if majority-owned and controlled. Rather, the consolidated funds and vehicles reflect their investments at fair value as described below in “Fair Value Measurements”. Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests represent noncontrolling interests of certain investment funds and vehicles that are subject to periodic redemption by fund investors following the expiration of a specified period of time (typically between one and three years ), or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Fund investors interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying consolidated statements of financial condition. For all consolidated investment vehicles and funds in which redemption rights have not been granted, noncontrolling interests are presented within Equity in the accompanying condensed consolidated statements of financial condition as noncontrolling interests. Noncontrolling Interests Noncontrolling interests represent (i) noncontrolling interests in consolidated entities and (ii) noncontrolling interests held by KKR Holdings. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by: (i) third party fund investors in KKR’s funds; (ii) third parties entitled to up to 1% of the carried interest received by certain general partners of KKR’s funds and 1% of KKR’s other profits (losses) through and including December 31, 2015; (iii) certain former principals and their designees representing a portion of the carried interest received by the general partners of KKR’s private equity funds that was allocated to them with respect to private equity investments made during such former principals’ tenure with KKR prior to October 1, 2009; (iv) certain principals and former principals representing all of the capital invested by or on behalf of the general partners of KKR’s private equity funds prior to October 1, 2009 and any returns thereon; (v) third parties in KKR’s capital markets business; (vi) holders of exchangeable equity securities representing ownership interests in a subsidiary of a KKR Group Partnership issued in connection with the acquisition of Avoca; and (vii) holders of the 7.375% Series A LLC Preferred Shares of KFN whose rights are limited to the assets of KFN. Noncontrolling Interests held by KKR Holdings Noncontrolling interests held by KKR Holdings include economic interests held by principals in the KKR Group Partnerships. Such principals receive financial benefits from KKR’s business in the form of distributions received from KKR Holdings and through their direct and indirect participation in the value of KKR Group Partnership Units held by KKR Holdings. These financial benefits are not paid by KKR and are borne by KKR Holdings. The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended 2016 2015 Balance at the beginning of the period $ 4,347,153 $ 4,661,679 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) (271,575 ) 239,008 Other comprehensive income (loss), net of tax (b) 3,730 (11,077 ) Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (29,380 ) (58,140 ) Equity based compensation 10,606 20,517 Capital contributions 69 250 Capital distributions (61,673 ) (132,274 ) Balance at the end of the period $ 3,998,930 $ 4,719,963 (a) Refer to the table below for calculation of Net income (loss) attributable to noncontrolling interests held by KKR Holdings. (b) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (c) Calculated based on the proportion of KKR Holdings units exchanged for KKR & Co. L.P. common units pursuant to the exchange agreement during the reporting period. The exchange agreement provides for the exchange of KKR Group Partnership Units held by KKR Holdings for KKR & Co. L.P. common units. Net income (loss) attributable to KKR & Co. L.P. after allocation to noncontrolling interests held by KKR Holdings, with the exception of certain tax assets and liabilities that are directly allocable to KKR Management Holdings Corp., is attributed based on the percentage of the weighted average KKR Group Partnership Units held by KKR and KKR Holdings, each of which hold equity of the KKR Group Partnerships. However, primarily because of the (i) contribution of certain expenses borne entirely by KKR Holdings, (ii) the periodic exchange of KKR Holdings units for KKR & Co. L.P. common units pursuant to the exchange agreement and (iii) the contribution of certain expenses borne entirely by KKR associated with the KKR & Co. L.P. 2010 Equity Incentive Plan (“Equity Incentive Plan”), equity allocations shown in the condensed consolidated statement of changes in equity differ from their respective pro-rata ownership interests in KKR’s net assets. The following table presents net income (loss) attributable to noncontrolling interests held by KKR Holdings: Three Months Ended 2016 2015 Net income (loss) $ (760,336 ) $ 1,943,009 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (38 ) 1,933 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities (158,784 ) 1,431,561 Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp. (9,385 ) 6,053 Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings $ (610,899 ) $ 515,568 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ (271,575 ) $ 239,008 Investments Investments consist primarily of private equity, real assets, credit, investments of consolidated CFEs, equity method, carried interest and other investments. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Security and loan transactions are recorded on a trade date basis. Further disclosure on investments is presented in Note 4, “Investments.” The following describes the types of securities held within each investment class. Private Equity - Consists primarily of equity investments in operating businesses including growth equity investments. Real Assets - Consists primarily of investments in (i) energy related assets, principally oil and natural gas producing properties, (ii) infrastructure assets, and (iii) real estate, principally residential and commercial real estate assets and businesses. Credit - Consists primarily of investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans), distressed and opportunistic debt and interests in unconsolidated CLOs. Investments of Consolidated CFEs - Consists primarily of (i) investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans) held directly by the consolidated CLOs and (ii) investments in newly originated, fixed-rate mortgage loans held directly by the consolidated CMBS vehicles. Equity Method - Consists primarily of (i) certain investments in private equity funds, real assets funds and credit funds, which are not consolidated and (ii) certain investments in operating companies in which KKR is deemed to exert significant influence. Carried Interest - Consists of carried interest from unconsolidated investment funds that are allocated to KRR as the general partner of the investment fund based on cumulative fund performance to date, and where applicable, subject to a preferred return. Other - Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit or investments of consolidated CFEs. Investments held by Consolidated Investment Funds The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments and other financial instruments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. KKR has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments and other financial instruments held by the consolidated investment funds are reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Certain energy investments are made through consolidated investment funds, including investments in working and royalty interests in oil and natural gas producing properties as well as investments in operating companies that operate in the energy industry. Since these investments are held through consolidated investment funds, such investments are reflected at fair value as of the end of the reporting period. Investments in operating companies that are held through KKR’s consolidated investment funds are generally classified within private equity investments and investments in working and royalty interests in oil and natural gas producing properties are generally classified as real asset investments. Energy Investments held directly by KKR Certain energy investments are made by KKR directly in working and royalty interests in oil and natural gas producing properties outside of investment funds. Oil and natural gas producing activities are accounted for under the successful efforts method of accounting and such working interests are consolidated based on the proportion of the working interests held by KKR. Accordingly, KKR reflects its proportionate share of the underlying statements of financial condition and statements of operations of the consolidated working interests on a gross basis and changes in the value of these working interests are not reflected as unrealized gains and losses in the consolidated statements of operations. Under the successful efforts method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Lease acquisition costs are capitalized when incurred. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are charged to expense as incurred. Expenditures for repairs and maintenance, including workovers, are charged to expense as incurred. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of production method based on the ratio of current production to estimated total net proved oil, natural gas and natural gas liquid reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Estimated dismantlement and abandonment costs for oil and natural gas properties, net of salvage value, are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Whenever events or changes in circumstances indicate that the carrying amounts of oil and natural gas properties may not be recoverable, KKR evaluates the proved oil and natural gas properties and related equipment and facilities for impairment on a field-by-field basis. The determination of recoverability is made based upon estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related asset. Unproved oil and natural gas properties are assessed periodically and, at a minimum, annually on a property-by-property basis, and any impairment in value is recognized when incurred and is recorded in General, Administrative, and Other expense in the consolidated statements of operations. Fair Value Option For certain investments and other financial instruments, KKR has elected the fair value option. Such election is irrevocable and is applied on a financial instrument by financial instrument basis at initial recognition. KKR has elected the fair value option for certain private equity, real assets, credit, investments of consolidated CFEs, equity method and other financial instruments not held through a consolidated investment fund with gains and losses recorded in net income. Accounting for these investments at fair value is consistent with how KKR accounts for its investments held through consolidated investment funds. Changes in the fair value of such instruments are recognized in Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Interest income on interest bearing credit securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest Income in the consolidated statements of operations. Equity Method For certain investments in entities over which KKR exercises significant influence but which do not meet the requirements for consolidation and for which KKR has not elected the fair value option, KKR uses the equity method of accounting. KKR’s share of earnings (losses) from these investments is reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. The carrying value of equity method investments in private equity funds, real assets funds and credit funds, which are not consolidated, approximate fair value, because the underlying investments of the unconsolidated investment funds are reported at fair value. The carrying value of equity method investments in certain operating companies, which KKR is determined to exert significant influence and for which KKR has not elected the fair value option, is determined based on the amounts invested by KKR, adjusted for the equity in earnings or losses of the investee allocated based on KKR’s respective ownership percentage, less distributions. KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Financial Instruments held by Consolidated CFEs As of January 1, 2015, KKR adopted the measurement alternative included in ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”), and has applied the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of January 1, 2015. Refer to the consolidated statements of changes in equity for the impact of this adjustment. Pursuant to ASU 2014-13, KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. For the consolidated CLO entities, KKR has determined that the fair value of the financial assets of the consolidated CLOs are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are being measured at fair value and the financial liabilities are being measured as: (1) the sum of the fair value of the financial assets and the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by KKR (other than those that represent compensation for services) and KKR’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by KKR). For the consolidated CMBS vehicles, KKR has determined that the fair value of the financial liabilities of the consolidated CMBS vehicles are more observable than the fair value of the financial assets of the consolidated CMBS vehicles. As a result, the financial liabilities of the consolidated CMBS vehicles are being measured at fair value and the financial assets are being measured in consolidation as: (1) the sum of the fair value of the financial liabilities (other than the beneficial interests retained by KKR), the fair value of the beneficial interests retained by KKR and the carrying value of any

NET GAINS (LOSSES) FROM INVESTM

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes total Net Gains (Losses) from Investment Activities for the three months ended March 31, 2016 and 2015 , respectively: Three Months Ended Three Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Private Equity (a) $ (2,127 ) $ (212,361 ) $ 1,619,876 $ 271,278 Credit and Other (a) (40,504 ) (237,050 ) 42,826 (275,975 ) Investments of Consolidated CFEs (a) (36,989 ) 219,184 (17,271 ) 92,903 Real Assets (a) 12,355 (123,138 ) — (100,112 ) Foreign Exchange Forward Contracts and Options (b) 17,761 (46,200 ) 133,931 323,310 Securities Sold Short (b) 15,159 (17,335 ) (1,637 ) (21,802 ) Other Derivatives (b) (16,513 ) 4,356 (7,679 ) 9,439 Debt Obligations and Other (c) 7,575 (279,396 ) 35,741 (185,003 ) Net Gains (Losses) From Investment Activities $ (43,283 ) $ (691,940 ) $ 1,805,787 $ 114,038

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
INVESTMENTS	INVESTMENTS Investments consist of the following: March 31, 2016 December 31, 2015 Private Equity $ 3,203,156 $ 36,398,474 Credit 4,735,020 6,300,004 Investments of Consolidated CFEs 13,652,783 12,735,309 Real Assets 1,485,230 4,048,281 Equity Method 2,882,007 1,730,565 Carried Interest 2,736,548 245,066 Other 1,090,568 3,848,232 Total Investments $ 29,785,312 $ 65,305,931 As of December 31, 2015 , investments which represented greater than 5% of total investments consisted of Walgreens Boots Alliance, Inc. of $5.1 billion and First Data Corporation of $4.3 billion . As of March 31, 2016, there were no investments which represented greater than 5% of total investments. In addition, as of March 31, 2016 and December 31, 2015 , investments totaling $14.6 billion and $14.2 billion , respectively, were pledged as direct collateral against various financing arrangements. See Note 10 “Debt Obligations.” The majority of the securities underlying private equity investments represent equity securities. Carried Interest Carried interest allocated to the general partner in respect of performance of investment funds that are not consolidated were as follows: Carried Interest Balance at December 31, 2015 $ 245,066 Deconsolidation of Funds on Adoption of ASU 2015-02 2,712,962 Carried Interest Allocated as a result of Changes in Fund Fair Value (116,956 ) Fund Distributions (104,524 ) Balance at March 31, 2016 $ 2,736,548

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize the valuation of KKR's assets and liabilities by the fair value hierarchy. Carried Interest and Equity Method Investments for which the fair value option has not been elected have been excluded from the tables below. Assets, at fair value: March 31, 2016 Level I Level II Level III Total Private Equity $ 1,889,455 $ — $ 1,313,701 $ 3,203,156 Credit — 478,444 4,256,576 4,735,020 Investments of Consolidated CFEs — 8,102,301 5,550,482 13,652,783 Real Assets — 58,537 1,426,693 1,485,230 Equity Method — 291,049 455,945 746,994 Other 559,618 26,624 504,326 1,090,568 Total 2,449,073 8,956,955 13,507,723 24,913,751 Foreign Exchange Contracts and Options — 99,726 — 99,726 Other Derivatives 3,260 6,780 — 10,040 Total Assets $ 2,452,333 $ 9,063,461 $ 13,507,723 $ 25,023,517 December 31, 2015 Level I Level II Level III Total Private Equity $ 16,614,008 $ 880,928 $ 18,903,538 $ 36,398,474 Credit — 1,287,649 5,012,355 6,300,004 Investments of Consolidated CFEs — 12,735,309 — 12,735,309 Real Assets — — 4,048,281 4,048,281 Equity Method — — 891,606 891,606 Other 817,328 449,716 2,581,188 3,848,232 Total 17,431,336 15,353,602 31,436,968 64,221,906 Foreign Exchange Contracts and Options — 635,183 — 635,183 Other Derivatives — 5,703 — 5,703 Total Assets $ 17,431,336 $ 15,994,488 $ 31,436,968 $ 64,862,792 Liabilities, at fair value: March 31, 2016 Level I Level II Level III Total Securities Sold Short $ 400,053 $ — $ — $ 400,053 Foreign Exchange Contracts and Options — 18,222 — 18,222 Unfunded Revolver Commitments — 5,171 — 5,171 Other Derivatives (1) — 55,409 78,360 133,769 Debt Obligations of Consolidated CFEs — 7,870,454 5,447,158 13,317,612 Total Liabilities $ 400,053 $ 7,949,256 $ 5,525,518 $ 13,874,827 December 31, 2015 Level I Level II Level III Total Securities Sold Short $ 286,981 $ 13,009 $ — $ 299,990 Foreign Exchange Contracts and Options — 83,748 — 83,748 Unfunded Revolver Commitments — 15,533 — 15,533 Other Derivatives — 104,518 — 104,518 Debt Obligations of Consolidated CFEs — 12,365,222 — 12,365,222 Total Liabilities $ 286,981 $ 12,582,030 $ — $ 12,869,011 (1) Includes an option issued in connection with the acquisition of a 24.9% equity interest in Marshall Wace LLP and its affiliates ("Marshall Wace") to increase KKR's ownership interest over time to 39.9% . The option is valued using a Monte-Carlo simulation valuation methodology. Key inputs used in this methodology that require estimates include Marshall Wace's dividend yield, assets under management volatility and equity volatility. The following tables summarize changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value for the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 18,903,538 $ 5,012,355 $ — $ 4,048,281 $ 891,606 $ 2,581,188 $ 31,436,968 $ — Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02 (17,806,748 ) (710,348 ) — (2,628,999 ) — (2,026,793 ) (23,172,888 ) — Transfers In — 2,447 4,343,829 — — — 4,346,276 4,272,081 Transfers Out — — — (55,781 ) (311,270 ) — (367,051 ) — Asset Purchases / Debt Issuances 235,541 344,055 1,026,801 224,519 8,231 33,926 1,873,073 990,450 Sales — (286,104 ) (7,278 ) (58,619 ) (57,560 ) (55,528 ) (465,089 ) — Settlements — 1,247 — — — — 1,247 (7,278 ) Net Realized Gains (Losses) — 11,391 — 13,602 (1,991 ) (24,613 ) (1,611 ) — Net Unrealized Gains (Losses) (18,630 ) (121,708 ) 187,130 (116,310 ) (73,071 ) (3,854 ) (146,443 ) 191,905 Change in Other Comprehensive Income — 3,241 — — — — 3,241 — Balance, End of Period $ 1,313,701 $ 4,256,576 $ 5,550,482 $ 1,426,693 $ 455,945 $ 504,326 13,507,723 $ 5,447,158 Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ (18,630 ) $ (121,708 ) $ 187,130 $ (116,310 ) $ (73,071 ) $ (3,854 ) $ (146,443 ) $ 191,905 Three Months Ended March 31, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 26,276,021 $ 4,192,702 $ 92,495 $ 3,130,404 $ 898,206 $ 1,234,795 $ 35,824,623 $ 7,615,340 Transfers In — 16,706 108,340 — — 1,187 126,233 — Transfers Out (1,212,235 ) (12,860 ) — — — (1,710 ) (1,226,805 ) — Asset Purchases / Debt Issuances 688,776 433,196 1,308 853,770 43,704 370,658 2,391,412 — Sales (327,054 ) (196,667 ) (3,138 ) (9,963 ) (49 ) (99,114 ) (635,985 ) — Settlements — 57,567 (883 ) — — 1,969 58,653 — Net Realized Gains (Losses) 145,084 (6,536 ) — — — 1,229 139,777 — Net Unrealized Gains (Losses) 561,623 (257,883 ) (44,466 ) (100,112 ) (17,003 ) (52,569 ) 89,590 — Change in Accounting Principle — — — — — — — (7,615,340 ) Change in Other Comprehensive Income — — — — — — — — Balance, End of Period $ 26,132,215 $ 4,226,225 $ 153,656 $ 3,874,099 $ 924,858 $ 1,456,445 $ 36,767,498 $ — Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 712,482 $ (289,389 ) $ (44,466 ) $ (100,112 ) $ (17,003 ) $ (54,428 ) $ 207,084 $ — Total realized and unrealized gains and losses recorded for Level III investments are reported in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. The following table summarizes the fair value transfers between fair value levels during the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 Assets, at fair value: Transfers from Level II to Level III 1 $ 4,346,276 $ 126,233 Transfers from Level III to Level II 2 $ 367,051 $ 14,570 Transfers from Level III to Level I 3 $ — $ 1,212,235 Liabilities, at fair value: Transfers from Level II to Level III 4 $ 4,272,081 $ — (1) Transfers out of Level II and into Level III are principally attributable to certain investments that experienced an insignificant level of market activity during the period and thus were valued in the absence of observable inputs. (2) Transfers out of Level III and into Level II are principally attributable to certain investments that experienced a higher level of market activity during the period and thus were valued using observable inputs. (3) Transfers out of Level III and into Level I are attributable to portfolio companies that are valued using their publicly traded market price. (4) Transfers out of Level II and into Level III are principally attributable to debt obligations of CMBS vehicles due to an insignificant level of market activity during the period and thus were valued in the absence of observable inputs. The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured at fair value and categorized within Level III as of March 31, 2016 : Fair Value March 31, 2016 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity $ 1,313,701 Private Equity $ 543,184 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 9.9% 5% - 15% Decrease Weight Ascribed to Market Comparables 42.5% 0% - 50% (4) Weight Ascribed to Discounted Cash Flow 46.7% 12.5% - 100% (5) Weight Ascribed to Transaction Price 10.8% 0% - 75% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.0x 9.6x - 18.0x Increase Enterprise Value/Forward EBITDA Multiple 10.6x 8.1x - 15.2x Increase Discounted cash flow Weighted Average Cost of Capital 11% 8.8% - 13.5% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.5x 8.0x - 12.4x Increase Growth Equity $ 770,517 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 13.1% 10.0% - 20.0% Decrease Weight Ascribed to Market Comparables 51.3% 7.5% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 19.9% 0.0% - 85.0% (5) Weight Ascribed to Transaction Price 28.8% 0.0% - 85.0% (6) Scenario Weighting Base 50.5% 30.0% - 80.0% Increase Downside 26.0% 10.0% - 40.0% Decrease Upside 23.5% 10.0% - 33.3% Increase Credit $ 4,256,576 Yield Analysis Yield 10.3% 4.9% - 26.1% Decrease Net Leverage 5.1 0.9x - 18.3x Decrease EBITDA Multiple 9.1 1.1x - 25.4x Increase Investments of Consolidated CFEs $ 5,550,482 (9) Debt Obligations of Consolidated CFEs $ 5,447,158 Discounted cash flow Yield 5.5% 1.6% - 24.6% Decrease Real Assets $ 1,426,693 (10) Energy $ 640,560 Discounted cash flow Weighted Average Cost of Capital 11.0% 8.0% - 17.3% Decrease Average Price Per BOE (8) $38.55 $23.46 - $42.86 Increase Real Estate $ 668,822 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 40.8% 0% - 75% (7) Weight Ascribed to Discounted Cash Flow 59.2% 25% - 100% (5) Direct Income Capitalization Current Capitalization Rate 6.3% 4.0% - 10.9% Decrease Discounted cash flow Unlevered Discount Rate 9.3% 6.8% - 20% Decrease (1) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments and debt obligations. LTM means Last Twelve Months and EBITDA means Earnings Before Interest Taxes Depreciation and Amortization. (2) Inputs were weighted based on the fair value of the investments included in the range. (3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price. (5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price. (6) The directional change from an increase in the weight ascribed to the transaction price would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach. (7) The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach. (8) The total Energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent, or BOE, is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 83% liquids and 17% natural gas. (9) Under ASU 2014-13, KKR measures CMBS investments on the basis of the fair value of the financial liabilities of the CMBS vehicle. See Note 2 "Summary of Significant Accounting Policies." (10) Includes one Infrastructure investment for $117.3 million that was valued using a discounted cash flow analysis. The significant inputs used included the weighted average cost of capital ( 8.7% ) and the enterprise value/LTM EBITDA Exit Multiple ( 11.0 x). The table above excludes equity method investments in the amount of $455.9 million , comprised primarily of interests in real estate joint ventures, which were valued using level III value methodologies which are the same as those shown for real estate investments. The table above excludes other investments in the amount of $504.3 million comprised primarily of privately-held equity and equity-like securities (e.g. warrants) in companies that are neither private equity, real assets nor credit investments. These investments were valued using Level III valuation methodologies that are generally the same as those shown for private equity investments. In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements as noted in the table above.

FAIR VALUE OPTION

FAIR VALUE OPTION	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OPTION	FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: March 31, 2016 December 31, 2015 Assets Private Equity $ 209,252 $ 211,474 Credit 957,057 936,063 Investments of Consolidated CFEs 13,652,783 12,735,309 Real Assets 117,311 90,245 Equity Method 746,994 891,606 Other 348,305 374,185 Total $ 16,031,702 $ 15,238,882 Liabilities Debt Obligations of Consolidated CFEs $ 13,317,612 $ 12,365,222 Total $ 13,317,612 $ 12,365,222 The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2016 2015 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Assets Private Equity $ — $ (3,144 ) $ 115,535 $ 24,027 Credit (5,196 ) (45,641 ) 2,970 (4,386 ) Investments of Consolidated CFEs (36,989 ) 219,184 (17,271 ) 92,903 Real Assets — 5,240 — (2,514 ) Equity Method (1,991 ) (93,293 ) — (17,003 ) Other (1,816 ) (10,502 ) — (9,577 ) Total $ (45,992 ) $ 71,844 $ 101,234 $ 83,450 Liabilities Debt Obligations of Consolidated CFEs — (267,456 ) — (107,056 ) Total $ — $ (267,456 ) $ — $ (107,056 )

NET INCOME (LOSS) ATTRIBUTABLE

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT For the three months ended March 31, 2016 and 2015 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended March 31, 2016 2015 Net Income (Loss) Attributable to KKR & Co. L.P. $ (329,939 ) $ 270,507 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 450,262,143 434,874,820 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ (0.73 ) $ 0.62 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 450,262,143 434,874,820 Weighted Average Unvested Common Units and Other Exchangeable Securities — 37,350,524 Weighted Average Common Units Outstanding - Diluted 450,262,143 472,225,344 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ (0.73 ) $ 0.57 Weighted Average Common Units Outstanding—Diluted primarily includes unvested equity awards that have been granted under the Equity Incentive Plan as well as exchangeable equity securities issued in connection with the acquisition of Avoca. Vesting or exchanges of these equity interests dilute KKR and KKR Holdings pro rata in accordance with their respective ownership interests in the KKR Group Partnerships. For the three months ended March 31, 2016 , equity awards granted under the Equity Incentive Plan as well as exchangeable equity securities issued in connection with the acquisition of Avoca have been excluded from the calculation of diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit since these equity awards and exchangeable equity securities would be anti-dilutive, having the effect of decreasing the loss per common unit. Three Months Ended March 31, 2016 2015 Weighted Average KKR Holdings Units Outstanding 360,317,628 375,836,317 For the three months ended March 31, 2016 and 2015 , KKR Holdings units have been excluded from the calculation of Net Income (Loss) attributable to KKR & Co. L.P. per common unit - diluted since the exchange of these units would not dilute KKR’s respective ownership interests in the KKR Group Partnerships.

OTHER ASSETS AND ACCOUNTS PAYAB

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2016
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES Other Assets consist of the following: March 31, 2016 December 31, 2015 Due from Broker (a) $ 340,702 $ 365,678 Oil & Gas Assets, net (b) 298,010 355,537 Deferred Tax Assets, net 290,723 275,391 Interest, Dividend and Notes Receivable (c) 277,229 372,699 Fixed Assets, net (d) 230,134 226,340 Intangible Assets, net (e) 171,731 176,987 Unsettled Investment Sales (f) 147,332 74,862 Foreign Exchange Contracts and Options (g) 99,726 635,183 Goodwill (e) 89,000 89,000 Receivables 84,882 78,297 Derivative Assets 10,040 5,703 Deferred Transaction Related Expenses 35,462 35,422 Prepaid Taxes 21,855 24,326 Prepaid Expenses 15,383 13,697 Deferred Financing Costs 13,907 65,225 Other 60,980 14,790 Total $ 2,187,096 $ 2,809,137 (a) Represents amounts held at clearing brokers resulting from securities transactions. (b) Includes proved and unproved oil and natural gas properties under the successful efforts method of accounting, which is net of impairment write-downs, accumulated depreciation, depletion and amortization. (c) Represents interest and dividend receivables and a promissory note due from a third party. The promissory note bears interest at 2.0% per annum and matures in January 2018. (d) Net of accumulated depreciation and amortization of $139,442 and $135,487 as of March 31, 2016 and December 31, 2015 , respectively. Depreciation and amortization expense of $3,916 and $3,914 for the three months ended March 31, 2016 and 2015, respectively, is included in General, Administrative and Other in the accompanying consolidated statements of operations. (e) See Note 16 “Goodwill and Intangible Assets.” (f) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (g) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: March 31, 2016 December 31, 2015 Amounts Payable to Carry Pool (a) $ 1,113,450 $ 1,199,000 Securities Sold Short (b) 400,053 299,990 Unsettled Investment Purchases (c) 222,287 594,152 Derivative Liabilities 133,769 104,518 Interest Payable 92,255 102,195 Accounts Payable and Accrued Expenses 79,038 112,007 Accrued Compensation and Benefits 59,987 17,765 Contingent Consideration Obligation (d) 46,600 46,600 Deferred Rent and Income 23,677 21,706 Foreign Exchange Contracts and Options (e) 18,222 83,748 Redemptions Payable 17,155 — Taxes Payable 13,733 8,770 Due to Broker (f) — 27,121 Other Liabilities 43,087 97,778 Total $ 2,263,313 $ 2,715,350 (a) Represents the amount of carried interest payable to principals, professionals and other individuals with respect to KKR’s active funds and co-investment vehicles that provide for carried interest. (b) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (c) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (d) Represents potential contingent consideration related to the acquisition of Prisma. (e) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (f) Represents amounts owed for securities transactions initiated at clearing brokers.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES As indicated in Note 2, "Summary of Significant Accounting Policies", on January 1, 2016, KKR adopted ASU 2015-02. Subsequent to the adoption of ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted kick-out rights are deemed to be VIEs. Since substantially all of KKR's investment funds are partnerships where limited partners are not granted kick-out rights, the adoption of ASU 2015-02 resulted in numerous entities that were previously classified as VOEs under the prior consolidation guidance becoming VIEs under ASU 2015-02. Since most of KKR's investment funds were de-consolidated as a result of the adoption of ASU 2015-02, the number of unconsolidated VIEs has increased significantly from December 31, 2015. Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary as described in Note 2, "Summary of Significant Accounting Policies" and which are predominately CFEs and certain investment funds. The primary purpose of these VIEs is to provide strategy specific investment opportunities to earn capital gains, current income or both in exchange for management and performance based fees or carried interest. KKR’s investment strategies for these VIEs differ by product; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and carried interests. KKR does not provide performance guarantees and has no other financial obligation to provide funding to these consolidated VIEs, beyond amounts previously committed, if any. Unconsolidated VIEs KKR holds variable interests in certain VIEs which are not consolidated as it has been determined that KKR is not the primary beneficiary. VIEs that are not consolidated include certain investment funds sponsored by KKR and certain CLO vehicles. Investments in Unconsolidated Investment Funds KKR’s investment strategies differ by investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and carried interests. KKR’s maximum exposure to loss as a result of its investments in the unconsolidated investment funds is the carrying value of such investments, including KKR's capital interest and any unrealized carried interest, which was approximately $3.7 billion at March 31, 2016 . Accordingly, disaggregation of KKR’s involvement by type of unconsolidated investment fund would not provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an obligation as general partner to provide commitments to such investment funds. As of March 31, 2016 , KKR's commitments to these unconsolidated investment funds was $1.1 billion . KKR has not provided any financial support other than its obligated amount as of March 31, 2016 . Investments in Unconsolidated CLO Vehicles KKR provides collateral management services for, and has made nominal investments in, certain CLO vehicles that it does not consolidate. KKR’s investments in the unconsolidated CLO vehicles, if any, are carried at fair value in the consolidated statements of financial condition. KKR earns management fees, including subordinated collateral management fees, for managing the collateral of the CLO vehicles. As of March 31, 2016 , combined assets under management in the pools of unconsolidated CLO vehicles were $1.4 billion . KKR’s maximum exposure to loss as a result of its investments in the residual interests of unconsolidated CLO vehicles is the carrying value of such investments, which was $1.6 million as of March 31, 2016 . CLO investors in the CLO vehicles may only use the assets of the CLO to settle the debt of the related CLO, and otherwise have no recourse against KKR for any losses sustained in the CLO structures. As of March 31, 2016 and December 31, 2015 , the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows: March 31, 2016 December 31, 2015 Investments $ 3,734,487 $ 264,277 Due from (to) Affiliates, net (36,022 ) 4,315 Maximum Exposure to Loss $ 3,698,465 $ 268,592

DEBT OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS KKR borrows and enters into credit agreements and issues debt for its general operating and investment purposes and certain of its investment funds borrow to meet financing needs of their operating and investing activities. KKR consolidates and reports KFN's debt obligations which are non-recourse to KKR beyond the assets of KFN. Fund financing facilities have been established for the benefit of certain KKR investment funds. When a KKR investment fund borrows from the facility in which it participates, the proceeds from the borrowings are strictly limited for their intended use by the borrowing investment fund. KKR’s obligations with respect to these financing arrangements are generally limited to KKR’s pro-rata equity interest in such funds. In addition, consolidated CFE vehicles issue debt securities to third party investors which are collateralized by assets held by the CFE vehicle. KKR bears no obligation with respect to financing arrangements at KKR’s consolidated CFEs. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of any other KKR entity. KKR’s borrowings consisted of the following: March 31, 2016 December 31, 2015 Financing Available Borrowing Outstanding Fair Value Financing Available Borrowing Outstanding Fair Value Revolving Credit Facilities: Corporate Credit Agreement $ 1,000,000 $ — $ — $ 1,000,000 $ — $ — KCM Credit Agreement 500,000 — — 500,000 — — Notes Issued: KKR Issued 6.375% Notes Due 2020 (a) — 497,363 583,355 (j) — 497,217 578,510 (j) KKR Issued 5.500% Notes Due 2043 (b) — 490,900 513,780 (j) — 490,815 517,880 (j) KKR Issued 5.125% Notes Due 2044 (c) — 989,084 985,810 (j) — 988,985 994,960 (j) KFN Issued 8.375% Notes Due 2041 (d) — 289,350 270,549 (k) — 289,660 273,965 (k) KFN Issued 7.500% Notes Due 2042 (e) — 123,267 120,701 (k) — 123,346 120,425 (k) KFN Issued Junior Subordinated Notes (f) — 248,903 200,179 — 248,498 216,757 Other Consolidated Debt Obligations: Fund Financing Facilities (g) 1,338,690 871,018 871,018 (l) 3,465,238 3,710,854 3,710,854 (l) CLO Debt Obligations (h) — 7,870,454 7,870,454 — 8,093,141 8,093,141 CMBS Debt Obligations (i) — 5,447,158 5,447,158 — 4,272,081 4,272,081 $ 2,838,690 $ 16,827,497 $ 16,863,004 $ 4,965,238 $ 18,714,597 $ 18,778,573 (a) $500 million aggregate principal amount of 6.375% senior notes of KKR due 2020. (b) $500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. (c) $1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. (d) KKR consolidates KFN and thus reports KFN’s outstanding $259 million aggregate principal amount of 8.375% senior notes due 2041. (e) KKR consolidates KFN and thus reports KFN’s outstanding $115 million aggregate principal amount of 7.500% senior notes due 2042. (f) KKR consolidates KFN and thus reports KFN’s outstanding $284 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 5.6% and the weighted average years to maturity is 20.5 years as of March 31, 2016 . These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR’s Level III credit investments. (g) Certain of KKR’s consolidated investment funds have entered into financing arrangements with major financial institutions, generally to enable such investment funds to make investments prior to or without receiving capital from fund limited partners. The weighted average interest rate is 2.9% and 2.3% as of March 31, 2016 and December 31, 2015 , respectively. In addition, the weighted average years to maturity is 3.2 years and 2.5 years as of March 31, 2016 and December 31, 2015 , respectively. (h) CLO debt obligations are carried at fair value and are classified as Level II within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (i) CMBS debt obligations are carried at fair value and are classified as Level III within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (j) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (k) The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (l) Carrying value approximates fair value given the fund financing facilities’ interest rates are variable. Revolving Credit Facilities KCM Credit Agreement KKR Capital Markets maintains a revolving credit agreement with a major financial institution (the “KCM Credit Agreement”) for use in KKR’s capital markets business. The KCM Credit Agreement, as amended, provides for revolving borrowings of up to $500 million with a $500 million sublimit for letters of credit. On March 30, 2016, the KCM Credit Agreement was amended to extend the maturity date from March 30, 2017 to March 30, 2021. If a borrowing is made on the KCM Credit Agreement, the interest rate will vary depending on the type of drawdown requested. If the loan is a Eurocurrency Loan, it will be based on the LIBOR Rate plus the applicable margin which ranges initially between 1.25% and 2.50% , depending on the amount and nature of the loan. If the loan is an ABR Loan, it will be based on the Prime Rate plus the applicable margin which ranges initially between 0.25% and 1.50% depending on the amount and nature of the loan. Borrowings under this facility may only be used for KKR’s capital markets business, and its only obligors are entities involved in KKR's capital markets business, and its liabilities are non-recourse to other parts of KKR's business. Other Consolidated Debt Obligations Debt Obligations of Consolidated CFEs As of March 31, 2016 , debt obligations of consolidated CFEs consisted of the following: Borrowing Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes of Consolidated CLOs $ 7,604,519 2.4 % 9.8 Subordinated Notes of Consolidated CLOs 265,935 (a) 8.6 Debt Obligations of Consolidated CMBS Vehicles 5,447,158 4.5 % 32.8 $ 13,317,612 (a) The subordinated notes do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any. Debt obligations of consolidated CFEs are collateralized by assets held by each respective CFE vehicle and assets of one CFE vehicle may not be used to satisfy the liabilities of another. As of March 31, 2016 , the fair value of the consolidated CFE assets was $14.4 billion . This collateral consisted of Cash and Cash Equivalents Held at Consolidated Entities, Investments, and Other Assets.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The consolidated entities of KKR are generally treated as partnerships or disregarded entities for U.S. and non-U.S. tax purposes. The taxes payable on the income generated by partnerships and disregarded entities are generally paid by the fund investors, unitholders, principals and other third parties who beneficially own such partnerships and disregarded entities and are generally not payable by KKR. However, certain consolidated entities are or are treated as corporations for U.S. and non-U.S tax purposes and are therefore subject to U.S. federal, state and/or local income taxes and/or non-U.S. taxes at the entity-level. In addition, certain consolidated entities which are treated as partnerships for U.S. tax purposes are subject to the New York City Unincorporated Business Tax or other local taxes. The effective tax rates were (0.25)% and 0.82% for the three months ended March 31, 2016 and 2015 , respectively. The effective tax rate differs from the statutory rate primarily due to the following: (i) a substantial portion of the reported net income (loss) before taxes is not attributable to KKR but rather is attributable to noncontrolling interests held in KKR’s consolidated entities by KKR Holdings or by third parties, (ii) a significant portion of the amount of the reported net income (loss) before taxes attributable to KKR is from certain entities that are not subject to U.S. federal, state or local income taxes and/or non-U.S. taxes, and (iii) certain compensation charges attributable to KKR are not deductible for tax purposes. During the three month period ended March 31, 2016 , there were no material changes to KKR’s uncertain tax positions and KKR believes there will be no significant increase or decrease to the uncertain tax positions within 12 months of the reporting date.

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY BASED COMPENSATION	EQUITY BASED COMPENSATION The following table summarizes the expense associated with equity based compensation for the three months ended March 31, 2016 and 2015 , respectively. Three Months Ended 2016 2015 Equity Incentive Plan Units $ 49,961 $ 52,265 KKR Holdings Market Condition Awards 6,397 — Other Exchangeable Securities 3,256 3,768 KKR Holdings Principal Awards 151 2,518 KKR Holdings Restricted Equity Units — 128 Discretionary Compensation 4,058 17,871 Total $ 63,823 $ 76,550 Equity Incentive Plan Under the Equity Incentive Plan, KKR is permitted to grant equity awards representing ownership interests in KKR & Co. L.P. common units. Vested awards under the Equity Incentive Plan dilute KKR & Co. L.P. common unitholders and KKR Holdings pro rata in accordance with their respective percentage interests in the KKR Group Partnerships. The total number of common units that may be issued under the Equity Incentive Plan is equivalent to 15% of the number of fully diluted common units outstanding, subject to annual adjustment. Equity awards have been granted under the Equity Incentive Plan and are generally subject to service based vesting, typically over a three to five year period from the date of grant. In certain cases, these awards are subject to transfer restrictions and/or minimum retained ownership requirements. The transfer restriction period, if applicable, lasts for (i) one year with respect to one-half of the interests vesting on any vesting date and (ii) two years with respect to the other one-half of the interests vesting on such vesting date. While providing services to KKR, if applicable, certain of these recipients are also subject to minimum retained ownership rules requiring them to continuously hold common unit equivalents equal to at least 15% of their cumulatively vested interests. Expense associated with the vesting of these awards is based on the closing price of the KKR & Co. L.P. common units on the date of grant, discounted for the lack of participation rights in the expected distributions on unvested units, which ranges from 8% to 56% (for awards granted prior to December 31, 2015) multiplied by the number of unvested units on the grant date. The grant date fair value of a KKR & Co. L.P. common unit reflects a discount for lack of distribution participation rights, because equity awards are not entitled to receive distributions while unvested. The discount range for awards granted prior to December 31, 2015 was based on management’s estimates of future distributions that unvested equity awards will not be entitled to receive between the grant date and the vesting date. Therefore, units granted prior to December 31, 2015 that vest in earlier periods have a lower discount as compared to units that vest in later periods, which have a higher discount. The discount range will generally increase when the level of expected annual distributions increased relative to the grant date fair value of a KKR & Co. L.P. common unit. A decrease in expected annual distributions relative to the grant date fair value of a KKR & Co. L.P. common unit would generally have the opposite effect. In connection with the change to KKR's distribution policy effective beginning with the distribution declared on February 11, 2016, KKR intends to make equal quarterly distributions to holders of its common units in an amount of $0.16 per common unit per quarter ( $0.64 per year). Accordingly, for grants under the Equity Incentive Plan made subsequent to December 31, 2015, the discount for the lack of participation rights in the expected distributions on unvested units will based on the $0.64 expected annual distribution. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 8% annually based upon expected turnover by class of recipient. As of March 31, 2016 , there was approximately $332.1 million of estimated unrecognized expense related to unvested awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2016 $ 126.6 2017 124.3 2018 67.2 2019 14.0 Total $ 332.1 A summary of the status of unvested awards granted under the Equity Incentive Plan from January 1, 2016 through March 31, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 23,128,228 $ 14.61 Granted 13,425,594 13.44 Vested (12,218 ) 18.52 Forfeited (874,764 ) 14.60 Balance, March 31, 2016 35,666,840 $ 14.17 The weighted average remaining vesting period over which unvested awards are expected to vest is 1.3 years. A summary of the remaining vesting tranches of awards granted under the Equity Incentive Plan is presented below: Vesting Date Units April 1, 2016 6,918,886 October 1, 2016 5,085,060 April 1, 2017 8,546,553 October 1, 2017 2,199,577 April 1, 2018 7,287,306 October 1, 2018 1,838,096 April 1, 2019 3,352,464 October 1, 2019 438,898 35,666,840 KKR Holdings - Market Condition Awards In 2016, certain KKR employees and non-employee operating consultants were granted approximately 28.9 million KKR Holdings units subject to price and service-based vesting requirements (“Market Condition Awards”). Tranches of these Market Condition Awards become eligible to vest periodically on four annual vesting dates beginning on January 1, 2018, upon satisfaction of a service-based vesting condition and also a market condition vesting based on the price of KKR common units reaching and maintaining certain specified price thresholds for a specified period of time. None of these Market Condition Awards are eligible to vest prior to January 1, 2018 and if applicable price targets are not achieved by the close of business on January 1, 2021, any unvested Market Condition Awards will be automatically canceled and forfeited. These Market Condition Awards are not subject to additional transfer restrictions after vesting but are subject to minimum retained ownership requirements. Due to the existence of a market condition, the vesting period for the Market Condition Awards is not explicit, and as such is the longer of (a) the defined service-based vesting period and (b) the period derived from the valuation technique used to estimate the grant-date fair value of the award (the “Derived Vesting Period”). For awards granted in 2016, the service based vesting period exceeds the Derived Vesting Period and as such, compensation expense will be recognized in the statement of operations based on the service based vesting periods. The Market Condition Awards were granted from outstanding but previously unallocated units of KKR Holdings, and consequently these grants do not increase the number of KKR Holdings units outstanding. If and when vested, these Market Condition Awards would not dilute KKR's respective ownership interests in the KKR Group Partnerships. The fair value of the Market Condition Awards are based on a Monte-Carlo simulation valuation model due to the existence of the market condition described above. Below is a summary of the significant assumptions used to estimate the grant date fair value of the Market Condition Awards. Closing KKR unit price as of valuation date $15.23 Risk Free Rate 1.72 % Volatility 25.0 % Dividend Yield 4.2 % Expected Cost of Equity 11.76 % In addition, the grant date fair value assumes that holders of the Market Condition Awards will not participate in distributions until such awards have met their vesting requirements. The table below shows the units that were granted and their respective market conditions, total vesting periods and grant date fair values. Units Granted Market Condition Vesting Threshold per KKR common unit Vesting Date Grant Date Fair Value Per Unit 5,775,000 $23.65 January 1, 2018 $5.07 5,775,000 $27.02 January 1, 2019 $3.44 8,662,500 $30.40 January 1, 2020 $2.32 8,662,500 $33.78 January 1, 2021 $1.57 28,875,000 Compensation expense is recognized over a two to five year period using the graded-attribution method, which treats each vesting tranche as a separate award. Additionally, the recognition of compensation expense assumes a forfeiture rate of up to 4% annually based on expected turnover. As of March 31, 2016, there was approximately $66.6 million of estimated unrecognized compensation expense related to unvested Market Condition Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense (in millions) Remainder of 2016 $ 19.5 2017 25.9 2018 12.4 2019 6.5 2020 2.3 Total $ 66.6 Other Exchangeable Securities In connection with the acquisition of Avoca, KKR issued 2,545,602 equity securities of a subsidiary of a KKR Group Partnership and of KKR & Co. L.P. both of which are exchangeable into common units of KKR & Co. L.P. on a one -for-one basis (“Other Exchangeable Securities”). Certain Other Exchangeable Securities are subject to time based vesting (generally over a three -year period from February 19, 2014) and are not exchangeable into common units until vested, and in certain cases are subject to minimum retained ownership requirements and transfer restrictions. Consistent with grants of KKR Holdings awards and grants made under the KKR Equity Incentive Plan, holders of Other Exchangeable Securities are not entitled to receive distributions while unvested. The fair value of Other Exchangeable Securities is based on the closing price of KKR & Co. L.P. common units on the date of grant. KKR determined this to be the best evidence of fair value as a KKR & Co. L.P. common unit is traded in an active market and has an observable market price. Additionally, Other Exchangeable Securities are instruments with terms and conditions similar to those of a KKR & Co. L.P. common unit. Specifically, these Other Exchangeable Securities are exchangeable into KKR & Co. L.P. common units on a one -for-one basis upon vesting. Expense associated with the vesting of these Other Exchangeable Securities is based on the closing price of a KKR & Co. L.P. common unit on the date of grant, discounted for the lack of participation rights in the expected distributions on unvested Other Exchangeable Securities, which currently ranges from 8% to 56% multiplied by the number of unvested Other Exchangeable Securities on the issuance date. The discount range was based on management’s estimates of future distributions that unvested Other Exchangeable Securities will not be entitled to receive between the issuance date and the vesting date. Therefore, Other Exchangeable Securities that vest in earlier periods have a lower discount as compared to Other Exchangeable Securities that vest in later periods, which have a higher discount. The discount range will generally increase when the level of expected annual distributions increases relative to the issuance date fair value of a KKR & Co. L.P. common unit. A decrease in expected annual distributions relative to the grant date fair value of a KKR & Co. L.P. common unit would generally have the opposite effect. Expense is recognized on a straight line basis over the life of the security and assumes a forfeiture rate of up to 8% annually based upon expected turnover by class of recipient. As of March 31, 2016, there was approximately $6.5 million of estimated unrecognized expense related to unvested Other Exchangeable Securities. That cost is expected to be recognized by October 1, 2016. A summary of the status of unvested Other Exchangeable Securities from January 1, 2016 through March 31, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 847,989 $ 17.28 Granted — — Vested — — Forfeited — — Balance, March 31, 2016 847,989 $ 17.28 The weighted average remaining vesting period over which unvested Other Exchangeable Securities are expected to vest is less than one year and all units will vest on October 1, 2016. KKR Holdings Principal Awards & KKR Holdings Restricted Equity Units There is no material unrecognized expense associated with KKR Holdings - Principal Awards and KKR Holdings - Restricted Equity Units. Discretionary Compensation All KKR employees and certain employees of certain consolidated entities are eligible to receive discretionary cash bonuses. While cash bonuses paid to most employees are borne by KKR and certain consolidated entities and result in customary compensation and benefits expense, cash bonuses that are paid to certain principals are currently borne by KKR Holdings. These bonuses are funded with distributions that KKR Holdings receives on KKR Group Partnership Units held by KKR Holdings but are not then passed on to holders of unvested units of KKR Holdings. Because principals are not entitled to receive distributions on units that are unvested, any amounts allocated to principals in excess of a principal’s vested equity interests are reflected as employee compensation and benefits expense. These compensation charges are recorded based on the unvested portion of quarterly earnings distributions received by KKR Holdings at the time of the distribution.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Due from Affiliates consists of: March 31, 2016 December 31, 2015 Amounts due from portfolio companies $ 39,942 $ 46,716 Amounts due from unconsolidated investment funds 262,791 74,409 Amounts due from related entities 15,834 18,658 Due from Affiliates $ 318,567 $ 139,783 Due to Affiliates consists of: March 31, 2016 December 31, 2015 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 128,506 $ 127,962 Amounts due to unconsolidated investment funds 298,813 — Amounts due to related entities 2,129 16,845 Due to Affiliates $ 429,448 $ 144,807

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING KKR operates through four reportable business segments. These segments, which are differentiated primarily by their business objectives and investment strategies, are presented below. These financial results represent the combined financial results of the KKR Group Partnerships on a segment basis. Private Markets Through KKR’s Private Markets segment, KKR manages and sponsors a group of private equity funds and co-investment vehicles that invest capital for long-term appreciation, either through controlling ownership of a company or strategic minority positions. KKR also manages and sponsors a group of funds and co-investment vehicles that invest capital in real assets, such as infrastructure, energy and real estate. These funds, vehicles and accounts are managed by Kohlberg Kravis Roberts & Co. L.P., an SEC registered investment adviser. Public Markets KKR operates and reports its combined credit and hedge funds businesses through the Public Markets segment. KKR’s credit business advises funds, CLOs, separately managed accounts, and investment companies registered under the Investment Company Act, including a business development company or BDC, undertakings for collective investment in transferable securities or UCITS, and alternative investment funds or AIFs, which invest capital in (i) leveraged credit strategies, such as leveraged loans, high yield bonds and opportunistic credit, and (ii) alternative credit strategies such as mezzanine investments, direct lending investments, special situations investments, revolving credit investments and long/short credit investment strategies. The funds, accounts, registered investment companies and CLOs in KKR's leveraged credit and alternative credit strategies are managed by KKR Credit Advisors (US) LLC, which is an SEC-registered investment adviser, KKR Credit Advisors (Ireland), regulated by the Central Bank of Ireland, and KKR Credit Advisors (UK) LLP, regulated by the United Kingdom Financial Conduct Authority or FCA. KKR Credit Advisors (Ireland) and KKR Credit Advisors (UK) (formerly known collectively as Avoca Capital) were acquired by KKR on February 19, 2014. KKR’s Public Markets segment also includes its hedge funds business that offers a variety of investment strategies, including customized hedge fund portfolios and hedge fund-of-fund solutions. The funds and accounts in our hedge fund business are managed by Prisma Capital Partners LP (KKR Prisma or Prisma), an SEC‑registered investment adviser. Through our Public Markets segment, we also have developed strategic partnerships by acquiring minority stakes in other hedge fund managers. Capital Markets The Capital Markets segment is comprised primarily of KKR’s global capital markets business. KKR’s capital markets business supports the firm, portfolio companies, and third-party clients by developing and implementing both traditional and non-traditional capital solutions for investments or companies seeking financing. These services include arranging debt and equity financing for transactions, placing and underwriting securities offerings and providing other types of capital markets services. When KKR underwrites an offering of securities or a loan on a firm commitment basis, KKR commits to buy and sell an issue of securities or indebtedness and generate revenue by purchasing the securities or indebtedness at a discount or for a fee. When KKR acts in an agency capacity, KKR generates revenue for arranging financing or placing securities or debt with capital markets investors. We may also provide issuers with capital markets advice on security selection, access to markets, marketing considerations, securities pricing, and other aspects of capital markets transactions in exchange for a fee. KKR Capital Markets LLC is an SEC-registered broker-dealer and a FINRA member, and KKR is also registered or authorized to carry out certain broker-dealer activities in various countries in North America, Europe, Asia-Pacific and the Middle East. KKR’s third party capital markets activities are generally carried out through Merchant Capital Solutions LLC, a joint venture with one other unaffiliated partner, and non-bank financial companies, or NBFCs, in India. Principal Activities Through KKR's Principal Activities segment, we manage the firm’s assets and deploy capital to support and grow our businesses. We use KKR's Principal Activities assets to support KKR's investment management and capital markets businesses. Typically, the funds in our Private Markets and Public Markets businesses contractually require KKR, as general partner of the funds, to make sizable capital commitments from time to time. KKR also deploys Principal Activities assets in order to help establish a track record for fundraising purposes in new strategies. KKR may also use its own capital to seed investments for new funds, to bridge capital selectively for its funds’ investments or finance strategic acquisitions and partnerships, although the financial results of an acquired businesses or strategic partnership may be reported in other segments. Principal Activities assets also provide the required capital to fund the various commitments of the Capital Markets business when underwriting or syndicating securities, or when providing term loan commitments for transactions involving portfolio companies and for third parties. Principal Activities assets also may be utilized to satisfy regulatory requirements for the Capital Markets business and risk retention requirements for CLOs. KKR earns the majority of its fees from subsidiaries located in the United States. Key Performance Measure - Economic Net Income (“ENI”) ENI is used by management in making operating and resource deployment decisions as well as assessing the overall performance of each of KKR’s reportable business segments. The reportable segments for KKR’s business are presented prior to giving effect to the allocation of income (loss) between KKR & Co. L.P. and KKR Holdings and as such represents the business in total. In addition, KKR’s reportable segments are presented without giving effect to the consolidation of the funds that KKR manages. ENI is a measure of profitability for KKR’s reportable segments and is used by management as an alternative measurement of the operating and investment earnings of KKR and its business segments. ENI is comprised of total segment revenues; less total segment expenses and certain economic interests in KKR’s segments held by third parties. ENI differs from net income (loss) on a GAAP basis as a result of: (i) the inclusion of management fees earned from consolidated funds that were eliminated in consolidation; (ii) the exclusion of fees and expenses of certain consolidated entities; (iii) the exclusion of charges relating to the amortization of intangible assets; (iv) the exclusion of non-cash equity-based charges and other non-cash compensation charges borne by KKR Holdings or incurred under the Equity Incentive Plan and other securities that are exchangeable for common units of KKR & Co. L.P.; (v) the exclusion of certain non-recurring items; (vi) the exclusion of investment income (loss) relating to noncontrolling interests; and (vii) the exclusion of income taxes. Modification of Segment Information As of December 31, 2015, KKR’s management reevaluated the manner in which it made operational and resource deployment decisions and assessed the overall performance of each of KKR’s operating segments. As a result, as of December 31, 2015 KKR modified the presentation of its segment financial information relative to the presentation in prior periods. In addition, since becoming a public company, KKR's principal assets have grown in significance and are a meaningful contributor to its financial results. In connection with these modifications, segment information for the three months ended March 31, 2015 has been presented in conformity with KKR’s current segment presentation. Consequently, this information will not be consistent with historical segment financial results previously reported. While the modified segment presentation impacted the amount of economic net income reported by each operating segment, it had no impact on KKR’s economic net income on a total reportable segment basis. Certain of the more significant changes between KKR’s current segment presentation and its previously reported segment presentation are described in the following commentary. Inclusion of a Fourth Segment All income (loss) on investments is attributed to the Principal Activities segment. Prior to December 31, 2015, income on investments held directly by KKR was reported in the Private Markets segment, Public Markets segment or Capital Markets segment based on the character of the income generated. For example, income from private equity investments was previously included in the Private Markets segment. However, the financial results of acquired businesses and strategic partnerships have been reported in our other segments. Expense Allocations As of December 31, 2015 KKR has changed the manner in which expenses are allocated among its operating segments. Specifically, as described below, (i) a portion of expenses, except for broken deal expenses, previously reflected in the Private Markets, Public Markets or Capital Markets segments are now reflected in the Principal Activities segment and (ii) corporate expenses are allocated across all segments. Expenses Allocated to Principal Activities As of December 31, 2015, a portion of the cash compensation and benefits, occupancy and related charges and other operating expenses previously included in the Private Markets, Public Markets and Capital Markets segments is now allocated to the Principal Activities segment. The Principal Activities segment incurs its own direct costs, and an allocation from the other segments is also made to reflect the estimated amount of costs that are necessary to operate the Principal Activities segment, which are incremental to those costs incurred directly by the Principal Activities segment. The total amount of expenses (other than its direct costs) that is allocated to Principal Activities is based on the proportion of revenue earned by Principal Activities, relative to other operating segments, over the preceding four calendar years. This allocation percentage is updated annually or more frequently if there are material changes to KKR's business. Once the total amount of expense to be allocated to the Principal Activities segment is estimated for each reporting period, the amount of this expense will be allocated from the Private Markets, Public Markets and Capital Markets segments based on the proportion of headcount in each of these three segments. Allocations of Corporate Overhead As of December 31, 2015, corporate expenses are allocated to each of the Private Markets, Public Markets, Capital Markets and Principal Activities segments based on the proportion of revenues earned by each segment over the preceding four calendar years. In KKR's previously reported segment presentation, all corporate expenses were allocated to the Private Markets segment. In connection with these modifications, segment information for the three months ended March 31, 2015 has been presented in conformity with KKR’s current segment presentation. Consequently, this information will not be consistent with historical segment financial results reported prior to December 31, 2015. While the modified segment presentation impacted the amount of economic net income reported by each operating segment, it had no impact on KKR’s economic net income on a total reportable segment basis. The following tables present the financial data for KKR’s reportable segments: As of and for the Three Months Ended March 31, 2016 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 117,798 $ 76,802 $ — $ — $ 194,600 Monitoring Fees 12,037 — — — 12,037 Transaction Fees 37,398 1,132 57,555 — 96,085 Fee Credits (22,596 ) (211 ) — — (22,807 ) Total Management, Monitoring and Transaction Fees, Net 144,637 77,723 57,555 — 279,915 Performance Income (Loss) Realized Incentive Fees — 1,593 — — 1,593 Realized Carried Interest 93,450 3,838 — — 97,288 Unrealized Carried Interest (194,699 ) (29,106 ) — — (223,805 ) Total Performance Income (Loss) (101,249 ) (23,675 ) — — (124,924 ) Investment Income (Loss) Net Realized Gains (Losses) — — — (24,183 ) (24,183 ) Net Unrealized Gains (Losses) — — — (564,991 ) (564,991 ) Total Realized and Unrealized — — — (589,174 ) (589,174 ) Interest Income and Dividends — — — 108,120 108,120 Interest Expense — — — (48,544 ) (48,544 ) Net Interest and Dividends — — — 59,576 59,576 Total Investment Income (Loss) — — — (529,598 ) (529,598 ) Total Segment Revenues 43,388 54,048 57,555 (529,598 ) (374,607 ) Segment Expenses Compensation and Benefits Cash Compensation and Benefits 48,967 19,054 8,168 24,710 100,899 Realized Performance Income Compensation 37,380 2,172 — — 39,552 Unrealized Performance Income Compensation (75,000 ) (11,642 ) — — (86,642 ) Total Compensation and Benefits 11,347 9,584 8,168 24,710 53,809 Occupancy and Related Charges 8,925 2,675 628 3,722 15,950 Other Operating Expenses 37,126 9,278 4,096 11,386 61,886 Total Segment Expenses 57,398 21,537 12,892 39,818 131,645 Income (Loss) attributable to noncontrolling interests — — 667 — 667 Economic Net Income (Loss) $ (14,010 ) $ 32,511 $ 43,996 $ (569,416 ) $ (506,919 ) Total Assets $ 1,738,931 $ 1,080,077 $ 306,996 $ 9,663,781 $ 12,789,785 As of and for the Three Months Ended March 31, 2015 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 109,276 $ 64,504 $ — $ — $ 173,780 Monitoring Fees 97,838 — — — 97,838 Transaction Fees 46,599 13,430 43,257 — 103,286 Fee Credits (69,906 ) (10,588 ) — — (80,494 ) Total Management, Monitoring and Transaction Fees, Net 183,807 67,346 43,257 — 294,410 Performance Income (Loss) Realized Incentive Fees — 5,665 — — 5,665 Realized Carried Interest 302,425 — — — 302,425 Unrealized Carried Interest 126,937 12,347 — — 139,284 Total Performance Income (Loss) 429,362 18,012 — — 447,374 Investment Income (Loss) Net Realized Gains (Losses) — — — 180,667 180,667 Net Unrealized Gains (Losses) — — — (10,721 ) (10,721 ) Total Realized and Unrealized — — — 169,946 169,946 Interest Income and Dividends — — — 96,433 96,433 Interest Expense — — — (45,758 ) (45,758 ) Net Interest and Dividends — — — 50,675 50,675 Total Investment Income (Loss) — — — 220,621 220,621 Total Segment Revenues 613,169 85,358 43,257 220,621 962,405 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 52,125 16,993 8,852 26,792 104,762 Realized Performance Income Compensation 120,970 2,265 — — 123,235 Unrealized Performance Income Compensation 50,693 4,938 — — 55,631 Total Compensation and Benefits 223,788 24,196 8,852 26,792 283,628 Occupancy and Related Charges 7,731 2,478 636 3,951 14,796 Other Operating Expenses 31,572 12,038 3,506 13,830 60,946 Total Segment Expenses 263,091 38,712 12,994 44,573 359,370 Income (Loss) attributable to noncontrolling interests 719 175 2,728 — 3,622 Economic Net Income (Loss) $ 349,359 $ 46,471 $ 27,535 $ 176,048 $ 599,413 Total Assets $ 1,750,416 $ 582,966 $ 245,381 $ 11,346,423 $ 13,925,186 The following tables reconcile KKR’s total reportable segments to the most directly comparable financial measures calculated and presented in accordance with GAAP: Fees Three Months Ended March 31, 2016 March 31, 2015 Total Segment Revenues $ (374,607 ) $ 962,405 Management fees relating to consolidated funds and other entities (38,270 ) (125,575 ) Fee credits relating to consolidated funds 428 72,949 Net realized and unrealized carried interest 9,561 (441,709 ) Total investment income (loss) 529,598 (220,621 ) Revenue earned by oil & gas producing entities 13,561 24,944 Reimbursable expenses 15,881 9,778 Other 6,653 9,174 Fees and Other $ 162,805 $ 291,345 Expenses Three Months Ended March 31, 2016 March 31, 2015 Total Segment Expenses $ 131,645 $ 359,370 Equity based compensation 63,823 76,550 Reimbursable expenses 24,107 19,859 Operating expenses relating to consolidated funds, CFEs and other entities 43,671 10,970 Expenses incurred by oil & gas producing entities 17,826 21,078 Intangible amortization, acquisition, litigation and certain non-recurring costs 17,393 15,471 Other 9,858 11,735 Total Expenses $ 308,323 $ 515,033 Income (Loss) Before Taxes Three Months Ended March 31, 2016 March 31, 2015 Economic net income (loss) $ (506,919 ) $ 599,413 Income tax (1,890 ) (16,138 ) Amortization of intangibles and other, net (1) (28,882 ) 2,790 Equity based compensation (63,823 ) (76,550 ) Net income (loss) attributable to noncontrolling interests held by KKR Holdings 271,575 (239,008 ) Net income (loss) attributable to KKR & Co. L.P. $ (329,939 ) $ 270,507 Net income (loss) attributable to noncontrolling interests (430,359 ) 1,670,569 Net income (loss) attributable to redeemable noncontrolling interests (38 ) 1,933 Income tax 1,890 16,138 Income (loss) before taxes $ (758,446 ) $ 1,959,147 (1) Other primarily represents the statement of operations impact of the accounting convention difference for direct interests in oil & natural gas properties outside investment funds and interests in consolidated CLOs. On a segment basis, direct interests in oil & natural gas proprieties outside investment funds and interests in consolidated CLOs are carried at fair value with changes in fair value recorded in Economic Net Income (Loss). See Note 2 "Summary of Significant Accounting Policies" for the GAAP accounting for these direct interests in oil and natural gas producing properties outside investment funds and interests in consolidated CLOs. The items that reconcile KKR’s total reportable segments to the corresponding condensed consolidated amounts calculated and presented in accordance with GAAP for net income (loss) attributable to redeemable noncontrolling interests and income (loss) attributable to noncontrolling interests are primarily attributable to the impact of KKR Holdings L.P., KKR's consolidated funds and certain other entities. Assets As of March 31, 2016 As of March 31, 2015 Total Segment Assets $ 12,789,785 $ 13,925,186 Consolidation of KKR Funds, CFEs and other entities 21,560,382 53,287,550 Accounting basis difference for oil & natural gas properties 78,416 74,254 Total Assets $ 34,428,583 $ 67,286,990

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
EQUITY	EQUITY Unit Repurchase Program On October 27, 2015, KKR announced the authorization of a program providing for the repurchase by KKR of up to $500 million in the aggregate of its outstanding common units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any unit repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. KKR expects that the program, which has no expiration date, will be in effect until the maximum approved dollar amount has been used to repurchase common units. The program does not require KKR to repurchase any specific number of common units, and the program may be suspended, extended, modified or discontinued at any time. See Condensed Consolidated Statements of Changes in Equity for the amount of common units repurchased during the three months ended March 31, 2016. Distribution Policy Under KKR’s distribution policy for its common units, KKR intends to make equal quarterly distributions to holders of common units in an amount of $0.16 per common unit per quarter. On March 17, 2016, KKR & Co. L.P. issued 13,800,000 units of 6.75% Series A Preferred Units in an underwritten public offering. If declared, distributions on the Series A Preferred Units are payable quarterly on March 15, June 15, September 15 and December 15 of each year, at a rate per annum equal to 6.75% , subject to the conditions as described below. The declaration and payment of any future distributions on preferred or common units are subject to the discretion of the board of directors of the general partner of KKR & Co. L.P. and the terms of its limited partnership agreement. There can be no assurance that future distributions will be made as intended or at all, that unitholders will receive sufficient distributions to satisfy payment of their tax liabilities as limited partners of KKR or that any particular distribution policy for common units will be maintained. Series A Preferred Units On March 17, 2016, KKR & Co. L.P. issued 13,800,000 units of 6.75% Series A Preferred Units in an underwritten public offering. The Series A Preferred Units trade on the NYSE under the symbol "KKR PR A". The terms of the Series A Preferred Units are set forth in the limited partnership agreement of KKR & Co. L.P. If declared, distributions on the Series A Preferred Units are payable quarterly on March 15, June 15, September 15 and December 15 of each year, at a rate per annum equal to 6.75% . Distributions on the Series A Preferred Units are discretionary and non-cumulative. Holders of Series A Preferred Units will only receive distributions of the Series A Preferred Units when, as and if declared by the board of directors of the general partner of KKR & Co. L.P. KKR has no obligation to declare or pay any distribution for any distribution period, whether or not distributions on the Series A Preferred Units are declared or paid for any other distribution period. Unless distributions have been declared and paid (or declared and set apart for payment) on the Series A Preferred Units for a quarterly distribution period, KKR may not declare or pay distributions on, or repurchase, any units of KKR & Co. L.P. that are junior to the Series A Preferred Units, including our common units, during such distribution period. A distribution period begins on a distribution payment date and extends to, but excludes, the next distribution payment date. The first quarterly distribution of $0.412500 per Series A Preferred Unit (based on a 360-day year convention calculated from the original issuance date) has been declared and set aside for payment on June 15, 2016, for the distribution period beginning June 15, 2016 through and including September 14, 2016. If KKR & Co. L.P. dissolves, then the holders of the Series A Preferred Units are entitled to receive payment of a $25.00 liquidation preference per Series A Preferred Unit, plus declared and unpaid distributions, if any, to the extent that KKR has sufficient gross income (excluding any gross income attributable to the sale or exchange of capital assets) such that holders of Series A Preferred Units have capital account balances equal to such liquidation preference, plus declared and unpaid distributions, if any. The Series A Preferred Units do not have a maturity date. However, the Series A Preferred Units may be redeemed at KKR's option, in whole or in part, at any time on or after June 15, 2021, at a price of $25.00 per Series A Preferred Unit, plus declared and unpaid distributions, if any. Holders of Series A Preferred Units have no right to require the redemption of the Series A Preferred Units. If a certain change of control event with a ratings downgrade occurs prior to June 15, 2021, the Series A Preferred Units may be redeemed at KKR's option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change of control event, at a price of $25.25 per Series A Preferred Unit, plus declared and unpaid distributions, if any. If such a change of control event occurs (whether before, on or after June 15, 2021) and KKR does not give such notice, the distribution rate per annum on the Series A Preferred Units will increase by 5.00% , beginning on the 31st day following such change of control event. Series A Preferred Units are not convertible into common units of KKR & Co. L.P. and have no voting rights, except that holders of Series A Preferred Units have certain voting rights in limited circumstances relating to the election of directors following the failure to declare and pay distributions, certain amendments to the terms of the Series A Preferred Units, and the creation of preferred units that are senior to the Series A Preferred Units. In connection with the issuance of the Series A Preferred Units, the KKR Group Partnerships issued for the benefit of KKR & Co. L.P. a series of preferred units with economic terms that mirror those of the Series A Preferred Units.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill from the acquisition of Prisma Capital Partners LP and its affiliates ("Prisma") represents the excess of acquisition costs over the fair value of net tangible and intangible assets acquired and is primarily attributed to synergies expected to arise after the acquisition of Prisma. The carrying value of goodwill was $89.0 million as of March 31, 2016 and December 31, 2015 , and is recorded within Other Assets on the condensed consolidated statements of financial condition. Goodwill has been allocated entirely to the Public Markets segment. As of March 31, 2016 , the fair value of KKR’s reporting units substantially exceeded their respective carrying values. All of the goodwill is currently expected to be deductible for tax purposes. See Note 8 “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities.” Intangible Assets Intangible Assets, Net consists of the following: As of March 31, 2016 December 31, 2015 Finite-Lived Intangible Assets $ 284,766 $ 284,766 Accumulated Amortization (includes foreign exchange) (113,035 ) (107,779 ) Intangible Assets, Net $ 171,731 $ 176,987 Changes in Intangible Assets, Net consists of the following: Three Months Ended Balance, Beginning of Period $ 176,987 Amortization Expense (6,774 ) Foreign Exchange 1,518 Balance, End of Period $ 171,731

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Debt Covenants Borrowings of KKR contain various debt covenants. These covenants do not, in management’s opinion, materially restrict KKR’s operating business or investment strategies. KKR is in compliance with its debt covenants in all material respects as of March 31, 2016 . Investment Commitments As of March 31, 2016 , KKR had unfunded commitments consisting of (i) $1,921.8 million to its active private equity and other investment vehicles and (ii) $77.8 million in connection with commitments by KKR’s capital markets business, (iii) $128.6 million relating to Merchant Capital Solutions LLC and (iv) other investment commitments of $128.1 million . Whether these amounts are actually funded, in whole or in part depends on the terms of such commitments, including the satisfaction or waiver of any conditions to funding. Contingent Repayment Guarantees The partnership documents governing KKR’s carry-paying funds, including funds relating to private equity, infrastructure, energy, real estate, mezzanine, direct lending and special situations investments, generally include a “clawback” provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, including the effects of any performance thresholds. Excluding carried interest received by the general partners of funds that were not contributed to KKR in the acquisition of the assets and liabilities of KKR & Co. (Guernsey) L.P. (formerly known as KKR Private Equity Investors, L.P.) on October 1, 2009 (the “KPE Transaction”), as of March 31, 2016 , no carried interest was subject to this clawback obligation, assuming that all applicable carry paying funds were liquidated at their March 31, 2016 fair values. Had the investments in such funds been liquidated at zero value, the clawback obligation would have been $2,448.9 million . Carried interest is recognized in the statement of operations based on the contractual conditions set forth in the agreements governing the fund as if the fund were terminated and liquidated at the reporting date and the fund’s investments were realized at the then estimated fair values. Amounts earned pursuant to carried interest are earned by the general partner of those funds to the extent that cumulative investment returns are positive and where applicable, preferred return thresholds have been met. If these investment amounts earned decrease or turn negative in subsequent periods, recognized carried interest will be reversed and to the extent that the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, a clawback obligation would be recorded. For funds that are consolidated, this clawback obligation, if any, is reflected as an increase in noncontrolling interests in the condensed consolidated statements of financial condition. For funds that are not consolidated, this clawback obligation, if any, is reflected as a reduction of KKR’s investment balance as this is where carried interest is initially recorded. Prior to the KPE Transaction in 2009, certain principals who received carried interest distributions with respect to certain private equity funds contributed to KKR had personally guaranteed, on a several basis and subject to a cap, the contingent obligations of the general partners of such private equity funds to repay amounts to fund investors pursuant to the general partners’ clawback obligations. The terms of the KPE Transaction require that principals remain responsible for any clawback obligations relating to carry distributions received prior to the KPE Transaction, up to a maximum of $223.6 million . Through investment realizations, KKR's potential exposure has been reduced to $159.7 million as of March 31, 2016 . Using valuations as of March 31, 2016 , no amounts are due with respect to the clawback obligation required to be funded by principals. Carry distributions arising subsequent to the KPE Transaction may give rise to clawback obligations that may be allocated generally to KKR and persons who participate in the carry pool. Unlike the clawback obligation, KKR will be responsible for all amounts due under a net loss sharing obligation and will indemnify principals for any personal guarantees that they have provided with respect to such amounts. In addition, guarantees of or similar arrangements relating to clawback or net loss sharing obligations in favor of third party investors in an individual investment partnership by entities KKR owns may limit distributions of carried interest more generally. Indemnifications In the normal course of business, KKR enters into contracts that contain a variety of representations and warranties that provide general indemnifications and other indemnities relating to contractual performance. In addition, certain of KKR’s consolidated funds and KFN have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that KKR has made. KKR’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against KKR that have not yet occurred. However, based on experience, KKR expects the risk of material loss to be low. Litigation From time to time, KKR is involved in various legal proceedings, lawsuits and claims incidental to the conduct of KKR’s business. KKR’s business is also subject to extensive regulation, which may result in regulatory proceedings against it. KKR currently is and expects to continue to become, from time to time, subject to examinations, inquiries and investigations by various U.S. and non U.S. governmental and regulatory agencies, including but not limited to the U.S. Securities and Exchange Commission, or SEC, Department of Justice, state attorney generals, Financial Industry Regulatory Authority, or FINRA, and the U.K. Financial Conduct Authority. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings against KKR or its personnel. Moreover, in the ordinary course of business, KKR is and can be both the defendant and the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other types of proceedings. Such lawsuits may involve claims that adversely affect the value of certain investments owned by KKR’s funds. KKR establishes an accrued liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. No loss contingency is recorded for matters where such losses are either not probable or reasonably estimable (or both) at the time of determination. Such matters may be subject to many uncertainties, including among others (i) the proceedings may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved; or (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties. Consequently, management is unable to estimate a range of potential loss, if any, related to these matters. In addition, loss contingencies may be, in part or in whole, subject to insurance or other payments such as contributions and/or indemnity, which may reduce any ultimate loss. It is not possible to predict the ultimate outcome of all pending legal proceedings, and some of the matters discussed above seek or may seek potentially large and/or indeterminate amounts. As of such date, based on information known by management, management has not concluded that the final resolutions of the matters above will have a material effect upon the consolidated financial statements. However, given the potentially large and/or indeterminate amounts sought or may be sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on KKR’s financial results in any particular period.

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	3 Months Ended
	Mar. 31, 2016
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS KKR has a registered broker-dealer subsidiary which is subject to the minimum net capital requirements of the SEC and the FINRA. Additionally, KKR entities based in London and Ireland are subject to the regulatory capital requirements of the U.K. Financial Conduct Authority and the Central Bank of Ireland, respectively. In addition, KKR has an entity based in Hong Kong which is subject to the capital requirements of the Hong Kong Securities and Futures Ordinance, an entity based in Japan subject to the capital requirements of Financial Services Authority of Japan, and two entities based in Mumbai which are subject to capital requirements of the Reserve Bank of India or RBI and the Securities and Exchange Board of India or SEBI. All of these entities have continuously operated in excess of their respective minimum regulatory capital requirements. The regulatory capital requirements referred to above may restrict KKR’s ability to withdraw capital from its registered broker-dealer entities. At March 31, 2016 , approximately $164.0 million of cash at KKR’s registered broker-dealer entities may be restricted as to the payment of cash dividends and advances to KKR.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Common Unit Distribution A distribution of $0.16 per KKR & Co. L.P. common unit was announced on April 25, 2016 , and will be paid on May 19, 2016 to unitholders of record as of the close of business on May 5, 2016 . KKR Holdings will receive its pro rata share of the distribution from the KKR Group Partnerships. Series A Preferred Unit Distribution A distribution of $0.412500 per Series A Preferred Unit has been declared and set aside for payment on June 15, 2016 to holders of record of Series A Preferred Units as of the close of business on June 1, 2016. This distribution on Series A Preferred Units is calculated based on the date of original issuance.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of KKR & Co. L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the “financial statements”), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The December 31, 2015 condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR’s Annual Report on Form 10-K for the year ended December 31, 2015 , which include all disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in KKR & Co. L.P.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). KKR & Co. L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated subsidiaries, which include (i) the accounts of KKR’s investment management and capital markets companies, (ii) the general partners of unconsolidated funds and vehicles, (iii) general partners of consolidated funds and their respective consolidated funds and (iv) certain other entities including CFEs. References in the accompanying financial statements to “principals” are to KKR’s senior employees and non-employee operating consultants who hold interests in KKR’s business through KKR Holdings, and references to “Senior Principals” are to KKR’s senior employees who hold interests in the Managing Partner entitling them to vote for the election of the Managing Partner’s directors. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of fees, expenses and investment income (loss) during the reporting periods. Such estimates include but are not limited to the valuation of investments and financial instruments. Actual results could differ from those estimates, and such differences could be material to the financial statements.
Principles of Consolidation	Principles of Consolidation The types of entities KKR assesses for consolidation include (i) subsidiaries, including management companies, broker-dealers and general partners of investment funds that KKR manages, (ii) entities that have all the attributes of an investment company, like investment funds, (iii) CFEs and (iv) other entities, including entities that employ non-employee operating consultants. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. Pursuant to its consolidation policy, KKR first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. Consolidation Policy Upon Adoption of ASU No. 2015-02 In February 2015, the Financial Accounting Standards Board (“FASB”) issued amended consolidation guidance with the issuance of ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). KKR adopted this new guidance on January 1, 2016 using the modified retrospective method. As a result, restatement of prior period results is not required and prior periods presented in the financial statements have not been impacted. The guidance in ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and also changes the consolidation model specific to limited partnerships. The amendments also clarify how to evaluate fees paid to an asset manager or other entity that makes the decisions for the investment vehicle and whether such fees should be considered in determining when a VIE should be reported on an asset manager's balance sheet. These changes modify the analysis that KKR must perform to determine whether it should consolidate certain types of legal entities. Upon adoption of ASU 2015-02, most of KKR’s investment funds were de-consolidated as of January 1, 2016 resulting in a reduction in consolidated assets, liabilities and noncontrolling interests of approximately $36.9 billion , $2.7 billion and $34.2 billion , respectively. Additionally, as a result of the de-consolidation of most of KKR’s investment funds, management fees and carried interest earned by KKR from investment funds that were previously consolidated will no longer be eliminated. Adoption of ASU 2015-02 had no impact on KKR's partners' capital and Net Income (Loss) Attributable to KKR & Co. L.P. Consistent with the consolidation rules in effect prior to the adoption of ASU 2015-02, an entity in which KKR holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. However, under ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted substantive rights to either dissolve the partnership or remove the general partner (“kick-out rights”) are VIEs under condition (b) above. KKR’s investment funds that are not CFEs (i) are generally limited partnerships, (ii) generally provide KKR with operational discretion and control, and (iii) generally have fund investors with no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the general partner, and as such the limited partners do not hold kick-out rights. Accordingly, most of KKR’s investment funds are categorized as VIEs under ASU 2015-02. KKR consolidates all VIEs in which it is the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which KKR holds a variable interest is a VIE and (ii) whether KKR’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance related fees), would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Pursuant to ASU 2015-02, fees earned by KKR that are customary and commensurate with the level of services provided, and where KKR does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. KKR factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. KKR determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion periodically. For entities that are determined not to be VIEs, these entities are generally considered VOEs and are evaluated under the voting interest model. KKR consolidates VOEs it controls through a majority voting interest or through other means. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE depends on the facts and circumstances surrounding each entity and therefore certain of KKR’s investment funds may qualify as VIEs whereas others may qualify as VOEs. With respect to CLOs (which are generally VIEs), in its role as collateral manager, KKR generally has the power to direct the activities of the CLO that most significantly impact the economic performance of the entity. In some, but not all cases, KKR, through its residual interest in the CLO may have variable interests that represent an obligation to absorb losses of, or a right to receive benefits from, the CLO that could potentially be significant to the CLO. In cases where KKR has both the power to direct the activities of the CLO that most significantly impact the CLO's economic performance and the obligation to absorb losses of the CLO or the right to receive benefits from the CLO that could potentially be significant to the CLO, KKR is deemed to be the primary beneficiary and consolidates the CLO. With respect to CMBS vehicles (which are generally VIEs), KKR holds unrated and non-investment grade rated securities issued by the CMBS, which are the most subordinate tranche of the CMBS vehicle. The economic performance of the CMBS is most significantly impacted by the performance of the underlying assets. Thus, the activities that most significantly impact the CMBS economic performance are the activities that most significantly impact the performance of the underlying assets. The special servicer has the ability to manage the CMBS assets that are delinquent or in default to improve the economic performance of the CMBS. KKR generally has the right to unilaterally appoint and remove the special servicer for the CMBS and as such is considered the controlling class of the CMBS vehicle. These rights give KKR the ability to direct the activities that most significantly impact the economic performance of the CMBS. Additionally, as the holder of the most subordinate tranche, KKR is in a first loss position and has the right to receive benefits, including the actual residual returns of the CMBS, if any. In these cases, KKR is deemed to be the primary beneficiary and consolidates the CMBS. Consolidation Policy Prior to the Adoption of ASU 2015-02 As indicated above, KKR adopted ASU 2015-02 using the modified retrospective method and as such, the prior periods presented in the financial statements have not been impacted. The most significant changes to KKR’s consolidation policy as a result of the adoption of ASU 2015-02 pertained to its investment funds that are not CFEs. There were no significant changes to KKR's CFEs as a result of the adoption of ASU 2015-02. With respect to KKR’s consolidated funds that are not CFEs, KKR generally has operational discretion and control, and fund investors have no substantive rights to impact ongoing governance and operating activities of the fund, and do not have kick-out rights. As a result, prior to the adoption of ASU 2015-02, a fund would be consolidated unless KKR had a nominal level of equity at risk. To the extent that KKR commits a nominal amount of equity to a given fund and had no obligation to fund any future losses, the equity at risk to KKR was not considered substantive and the fund was typically considered a VIE. KKR was determined to be the primary beneficiary if its involvement, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In cases where there was minimal capital at risk, the fund investors were generally deemed to be the primary beneficiaries, and KKR did not consolidate the fund. In cases when KKR’s equity at risk was deemed to be substantive, the fund was generally considered to be a VOE and KKR generally consolidated the fund under the VOE model. As described above, subsequent to the adoption of ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted kick-out rights are deemed to be VIEs. Since substantially all of our investment funds are partnerships where limited partners are not granted kick-out rights, the adoption of ASU 2015-02 resulted in numerous entities that were previously classified as VOEs under the prior guidance becoming VIEs under the new consolidation guidance. Under both the previous consolidation guidance and ASU 2015-02 certain of KKR’s funds and CFEs are consolidated by KKR notwithstanding the fact that KKR has only a minority economic interest in those funds and CFEs. KKR’s financial statements reflect the assets, liabilities, fees, expenses, investment income (loss) and cash flows of the consolidated KKR funds and CFEs on a gross basis. With respect to KKR's consolidated funds, the majority of the economic interests in those funds, which are held by fund investors or other third parties, are attributed to noncontrolling interests in the accompanying financial statements. All of the management fees and certain other amounts earned by KKR from those funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by noncontrolling interests, KKR’s attributable share of the net income (loss) from those funds is increased by the amounts eliminated. Accordingly, the elimination in consolidation of such amounts has no effect on net income (loss) attributable to KKR or KKR partners’ capital. With respect to consolidated CFEs, interests held by third party investors are recorded in debt obligations. KKR’s funds are, for GAAP purposes, investment companies and therefore are not required to consolidate their investments in portfolio companies even if majority-owned and controlled. Rather, the consolidated funds and vehicles reflect their investments at fair value as described below in “Fair Value Measurements”.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests represent noncontrolling interests of certain investment funds and vehicles that are subject to periodic redemption by fund investors following the expiration of a specified period of time (typically between one and three years ), or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Fund investors interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying consolidated statements of financial condition. For all consolidated investment vehicles and funds in which redemption rights have not been granted, noncontrolling interests are presented within Equity in the accompanying condensed consolidated statements of financial condition as noncontrolling interests.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent (i) noncontrolling interests in consolidated entities and (ii) noncontrolling interests held by KKR Holdings. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by: (i) third party fund investors in KKR’s funds; (ii) third parties entitled to up to 1% of the carried interest received by certain general partners of KKR’s funds and 1% of KKR’s other profits (losses) through and including December 31, 2015; (iii) certain former principals and their designees representing a portion of the carried interest received by the general partners of KKR’s private equity funds that was allocated to them with respect to private equity investments made during such former principals’ tenure with KKR prior to October 1, 2009; (iv) certain principals and former principals representing all of the capital invested by or on behalf of the general partners of KKR’s private equity funds prior to October 1, 2009 and any returns thereon; (v) third parties in KKR’s capital markets business; (vi) holders of exchangeable equity securities representing ownership interests in a subsidiary of a KKR Group Partnership issued in connection with the acquisition of Avoca; and (vii) holders of the 7.375% Series A LLC Preferred Shares of KFN whose rights are limited to the assets of KFN. Noncontrolling Interests held by KKR Holdings Noncontrolling interests held by KKR Holdings include economic interests held by principals in the KKR Group Partnerships. Such principals receive financial benefits from KKR’s business in the form of distributions received from KKR Holdings and through their direct and indirect participation in the value of KKR Group Partnership Units held by KKR Holdings. These financial benefits are not paid by KKR and are borne by KKR Holdings. The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended 2016 2015 Balance at the beginning of the period $ 4,347,153 $ 4,661,679 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) (271,575 ) 239,008 Other comprehensive income (loss), net of tax (b) 3,730 (11,077 ) Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (29,380 ) (58,140 ) Equity based compensation 10,606 20,517 Capital contributions 69 250 Capital distributions (61,673 ) (132,274 ) Balance at the end of the period $ 3,998,930 $ 4,719,963 (a) Refer to the table below for calculation of Net income (loss) attributable to noncontrolling interests held by KKR Holdings. (b) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (c) Calculated based on the proportion of KKR Holdings units exchanged for KKR & Co. L.P. common units pursuant to the exchange agreement during the reporting period. The exchange agreement provides for the exchange of KKR Group Partnership Units held by KKR Holdings for KKR & Co. L.P. common units. Net income (loss) attributable to KKR & Co. L.P. after allocation to noncontrolling interests held by KKR Holdings, with the exception of certain tax assets and liabilities that are directly allocable to KKR Management Holdings Corp., is attributed based on the percentage of the weighted average KKR Group Partnership Units held by KKR and KKR Holdings, each of which hold equity of the KKR Group Partnerships. However, primarily because of the (i) contribution of certain expenses borne entirely by KKR Holdings, (ii) the periodic exchange of KKR Holdings units for KKR & Co. L.P. common units pursuant to the exchange agreement and (iii) the contribution of certain expenses borne entirely by KKR associated with the KKR & Co. L.P. 2010 Equity Incentive Plan (“Equity Incentive Plan”), equity allocations shown in the condensed consolidated statement of changes in equity differ from their respective pro-rata ownership interests in KKR’s net assets. The following table presents net income (loss) attributable to noncontrolling interests held by KKR Holdings: Three Months Ended 2016 2015 Net income (loss) $ (760,336 ) $ 1,943,009 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (38 ) 1,933 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities (158,784 ) 1,431,561 Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp. (9,385 ) 6,053 Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings $ (610,899 ) $ 515,568 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ (271,575 ) $ 239,008
Investments	Investments Investments consist primarily of private equity, real assets, credit, investments of consolidated CFEs, equity method, carried interest and other investments. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Security and loan transactions are recorded on a trade date basis. Further disclosure on investments is presented in Note 4, “Investments.” The following describes the types of securities held within each investment class. Private Equity - Consists primarily of equity investments in operating businesses including growth equity investments. Real Assets - Consists primarily of investments in (i) energy related assets, principally oil and natural gas producing properties, (ii) infrastructure assets, and (iii) real estate, principally residential and commercial real estate assets and businesses. Credit - Consists primarily of investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans), distressed and opportunistic debt and interests in unconsolidated CLOs. Investments of Consolidated CFEs - Consists primarily of (i) investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans) held directly by the consolidated CLOs and (ii) investments in newly originated, fixed-rate mortgage loans held directly by the consolidated CMBS vehicles. Equity Method - Consists primarily of (i) certain investments in private equity funds, real assets funds and credit funds, which are not consolidated and (ii) certain investments in operating companies in which KKR is deemed to exert significant influence. Carried Interest - Consists of carried interest from unconsolidated investment funds that are allocated to KRR as the general partner of the investment fund based on cumulative fund performance to date, and where applicable, subject to a preferred return. Other - Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit or investments of consolidated CFEs. Investments held by Consolidated Investment Funds The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments and other financial instruments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. KKR has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments and other financial instruments held by the consolidated investment funds are reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Certain energy investments are made through consolidated investment funds, including investments in working and royalty interests in oil and natural gas producing properties as well as investments in operating companies that operate in the energy industry. Since these investments are held through consolidated investment funds, such investments are reflected at fair value as of the end of the reporting period. Investments in operating companies that are held through KKR’s consolidated investment funds are generally classified within private equity investments and investments in working and royalty interests in oil and natural gas producing properties are generally classified as real asset investments.
Energy Investments Held Directly by KKR	Energy Investments held directly by KKR Certain energy investments are made by KKR directly in working and royalty interests in oil and natural gas producing properties outside of investment funds. Oil and natural gas producing activities are accounted for under the successful efforts method of accounting and such working interests are consolidated based on the proportion of the working interests held by KKR. Accordingly, KKR reflects its proportionate share of the underlying statements of financial condition and statements of operations of the consolidated working interests on a gross basis and changes in the value of these working interests are not reflected as unrealized gains and losses in the consolidated statements of operations. Under the successful efforts method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Lease acquisition costs are capitalized when incurred. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are charged to expense as incurred. Expenditures for repairs and maintenance, including workovers, are charged to expense as incurred. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of production method based on the ratio of current production to estimated total net proved oil, natural gas and natural gas liquid reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Estimated dismantlement and abandonment costs for oil and natural gas properties, net of salvage value, are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Whenever events or changes in circumstances indicate that the carrying amounts of oil and natural gas properties may not be recoverable, KKR evaluates the proved oil and natural gas properties and related equipment and facilities for impairment on a field-by-field basis. The determination of recoverability is made based upon estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related asset. Unproved oil and natural gas properties are assessed periodically and, at a minimum, annually on a property-by-property basis, and any impairment in value is recognized when incurred and is recorded in General, Administrative, and Other expense in the consolidated statements of operations.
Fair Value Option	Fair Value Option For certain investments and other financial instruments, KKR has elected the fair value option. Such election is irrevocable and is applied on a financial instrument by financial instrument basis at initial recognition. KKR has elected the fair value option for certain private equity, real assets, credit, investments of consolidated CFEs, equity method and other financial instruments not held through a consolidated investment fund with gains and losses recorded in net income. Accounting for these investments at fair value is consistent with how KKR accounts for its investments held through consolidated investment funds. Changes in the fair value of such instruments are recognized in Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Interest income on interest bearing credit securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest Income in the consolidated statements of operations.
Equity Method	Equity Method For certain investments in entities over which KKR exercises significant influence but which do not meet the requirements for consolidation and for which KKR has not elected the fair value option, KKR uses the equity method of accounting. KKR’s share of earnings (losses) from these investments is reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. The carrying value of equity method investments in private equity funds, real assets funds and credit funds, which are not consolidated, approximate fair value, because the underlying investments of the unconsolidated investment funds are reported at fair value. The carrying value of equity method investments in certain operating companies, which KKR is determined to exert significant influence and for which KKR has not elected the fair value option, is determined based on the amounts invested by KKR, adjusted for the equity in earnings or losses of the investee allocated based on KKR’s respective ownership percentage, less distributions. KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Financial Instruments held by Consolidated CFEs	Financial Instruments held by Consolidated CFEs As of January 1, 2015, KKR adopted the measurement alternative included in ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”), and has applied the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of January 1, 2015. Refer to the consolidated statements of changes in equity for the impact of this adjustment. Pursuant to ASU 2014-13, KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. For the consolidated CLO entities, KKR has determined that the fair value of the financial assets of the consolidated CLOs are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are being measured at fair value and the financial liabilities are being measured as: (1) the sum of the fair value of the financial assets and the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by KKR (other than those that represent compensation for services) and KKR’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by KKR). For the consolidated CMBS vehicles, KKR has determined that the fair value of the financial liabilities of the consolidated CMBS vehicles are more observable than the fair value of the financial assets of the consolidated CMBS vehicles. As a result, the financial liabilities of the consolidated CMBS vehicles are being measured at fair value and the financial assets are being measured in consolidation as: (1) the sum of the fair value of the financial liabilities (other than the beneficial interests retained by KKR), the fair value of the beneficial interests retained by KKR and the carrying value of any nonfinancial liabilities that are incidental to the operations of the CMBS vehicles less (2) the carrying value of any nonfinancial assets that are incidental to the operations of the CMBS vehicles. The resulting amount is allocated to the individual financial assets. Under the measurement alternative pursuant to ASU 2014-13, KKR’s consolidated net income (loss) reflects KKR’s own economic interests in the consolidated CFEs including (i) changes in the fair value of the beneficial interests retained by KKR and (ii) beneficial interests that represent compensation for services rendered.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Except for certain of KKR's equity method investments (see "Equity Method" above in this Note 2, "Summary of Significant Accounting Policies") and debt obligations (as described in Note 10, "Debt Obligations"), KKR's investments and other financial instruments are recorded at fair value or at amounts whose carrying values approximate fair value. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation techniques are applied. These valuation techniques involve varying levels of management estimation and judgment, the degree of which is dependent on a variety of factors. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I - Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. The types of financial instruments included in this category are publicly-listed equities, credit investments and securities sold short. Level II - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments included in this category are credit investments, investments and debt obligations of consolidated CLO entities, convertible debt securities indexed to publicly-listed securities, less liquid and restricted equity securities and certain over-the-counter derivatives such as foreign currency option and forward contracts. Level III - Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments generally included in this category are private portfolio companies, real assets investments, credit investments, equity method investments for which the fair value option was elected and investments and debt obligations of consolidated CMBS entities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. KKR’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and a significant adjustment to the transactions or quoted prices may be necessary to estimate fair value. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by KKR in determining fair value is greatest for instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may cause transfers between Levels I, II, and III, which KKR recognizes at the beginning of the reporting period. Investments and other financial instruments that have readily observable market prices (such as those traded on a securities exchange) are stated at the last quoted sales price as of the reporting date. KKR does not adjust the quoted price for these investments, even in situations where KKR holds a large position and a sale could reasonably affect the quoted price. Management’s determination of fair value is based upon the methodologies and processes described below and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. Level II Valuation Methodologies Credit Investments: These instruments generally have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that KKR and others are willing to pay for an instrument. Ask prices represent the lowest price that KKR and others are willing to accept for an instrument. For financial assets and liabilities whose inputs are based on bid-ask prices obtained from third party pricing services, fair value may not always be a predetermined point in the bid-ask range. KKR’s policy is generally to allow for mid-market pricing and adjusting to the point within the bid-ask range that meets KKR’s best estimate of fair value. Investments and Debt Obligations of Consolidated CLO Vehicles: Investments of consolidated CLO vehicles are valued using the same valuation methodology as described above for credit investments. Under ASU 2014-13, KKR measures CLO debt obligations on the basis of the fair value of the financial assets of the CLO. Securities indexed to publicly-listed securities: The securities are typically valued using standard convertible security pricing models. The key inputs into these models that require some amount of judgment are the credit spreads utilized and the volatility assumed. To the extent the company being valued has other outstanding debt securities that are publicly-traded, the implied credit spread on the company’s other outstanding debt securities would be utilized in the valuation. To the extent the company being valued does not have other outstanding debt securities that are publicly-traded, the credit spread will be estimated based on the implied credit spreads observed in comparable publicly-traded debt securities. In certain cases, an additional spread will be added to reflect an illiquidity discount due to the fact that the security being valued is not publicly-traded. The volatility assumption is based upon the historically observed volatility of the underlying equity security into which the convertible debt security is convertible and/or the volatility implied by the prices of options on the underlying equity security. Restricted Equity Securities: The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. Derivatives: The valuation incorporates observable inputs comprising yield curves, foreign currency rates and credit spreads. Level III Valuation Methodologies Financial assets and liabilities categorized as Level III consist primarily of the following: Private Equity Investments: KKR generally employs two valuation methodologies when determining the fair value of a private equity investment. The first methodology is typically a market comparables analysis that considers key financial inputs and recent public and private transactions and other available measures. The second methodology utilized is typically a discounted cash flow analysis, which incorporates significant assumptions and judgments. Estimates of key inputs used in this methodology include the weighted average cost of capital for the investment and assumed inputs used to calculate terminal values, such as exit EBITDA multiples. Other inputs are also used in both methodologies. However, when a definitive agreement has been executed to sell an investment, KKR generally considers a significant determinant of fair value to be the consideration to be received by KKR pursuant to the executed definitive agreement. Upon completion of the valuations conducted using these methodologies, a weighting is ascribed to each method, and an illiquidity discount is typically applied where appropriate. The ultimate fair value recorded for a particular investment will generally be within a range suggested by the two methodologies, except that the value may be higher or lower than such range in the case of investments being sold pursuant to an executed definitive agreement. When determining the weighting ascribed to each valuation methodology, KKR considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis, the expected hold period and manner of realization for the investment, and in the case of investments being sold pursuant to an executed definitive agreement, the probability of such sale being completed. These factors can result in different weightings among investments in the portfolio and in certain instances may result in up to a 100% weighting to a single methodology. Across the Level III private equity investment portfolio, approximately 54% of the fair value is derived from investments that are valued based exactly 50% on market comparables and 50% on a discounted cash flow analysis. Less than 5% of the fair value of the Level III private equity investment portfolio is derived from investments that are valued either based 100% on market comparables or 100% on a discounted cash flow analysis. When an illiquidity discount is to be applied, KKR seeks to take a uniform approach across its portfolio and generally applies a minimum 5% discount to all private equity investments. KKR then evaluates such private equity investments to determine if factors exist that could make it more challenging to monetize the investment and, therefore, justify applying a higher illiquidity discount. These factors generally include (i) whether KKR is unable to sell the portfolio company or conduct an initial public offering of the portfolio company due to the consent rights of a third party or similar factors, (ii) whether the portfolio company is undergoing significant restructuring activity or similar factors and (iii) characteristics about the portfolio company regarding its size and/or whether the portfolio company is experiencing, or expected to experience, a significant decline in earnings. These factors generally make it less likely that a portfolio company would be sold or publicly offered in the near term at a price indicated by using just a market multiples and/or discounted cash flow analysis, and these factors tend to reduce the number of opportunities to sell an investment and/or increase the time horizon over which an investment may be monetized. Depending on the applicability of these factors, KKR determines the amount of any incremental illiquidity discount to be applied above the 5% minimum, and during the time KKR holds the investment, the illiquidity discount may be increased or decreased, from time to time, based on changes to these factors. The amount of illiquidity discount applied at any time requires considerable judgment about what a market participant would consider and is based on the facts and circumstances of each individual investment. Accordingly, the illiquidity discount ultimately considered by a market participant upon the realization of any investment may be higher or lower than that estimated by KKR in its valuations. In the case of growth equity investments, enterprise values are determined using the market comparables analysis and discounted cash flow analysis described above. A scenario analysis may also be conducted to subject the estimated enterprise values to a downside, base and upside case. The enterprise value in each case may then be allocated across the investment’s capital structure to reflect the terms of the security and subjected to probability weightings. In certain cases, the values of growth equity investments may be based on recent or expected financings and the companies' performance relative to key objectives or milestones. Real Assets Investments: Real asset investments in infrastructure, energy and real estate are valued using one or more of the discounted cash flow analysis, market comparables analysis and direct income capitalization, which in each case incorporates significant assumptions and judgments. Infrastructure investments are generally valued using the discounted cash flow analysis. Key inputs used in this methodology include the weighted average cost of capital and assumed inputs used to calculate terminal values, such as exit EBITDA multiples. Energy investments are generally valued using a discounted cash flow analysis. Key inputs used in this methodology that require estimates include the weighted average cost of capital. In addition, the valuations of energy investments generally incorporate both commodity prices as quoted on indices and long-term commodity price forecasts, which may be substantially different from, and are currently higher than, commodity prices on certain indices for equivalent future dates. Certain energy investments do not include an illiquidity discount. Long-term commodity price forecasts are utilized to capture the value of the investments across a range of commodity prices within the energy investment portfolio associated with future development and to reflect a range of price expectations. Real estate investments are generally valued using a combination of direct income capitalization and discounted cash flow analysis. Key inputs used in such methodologies that require estimates include an unlevered discount rate and current capitalization rate, and certain real estate investments do not include a minimum illiquidity discount. The valuations of real assets investments also use other inputs. Credit Investments: Credit investments are valued using values obtained from dealers or market makers, and where these values are not available, credit investments are valued by KKR based on ranges of valuations determined by an independent valuation firm. Valuation models are based on discounted cash flow analyses, for which the key inputs are determined based on market comparables, which incorporate similar instruments from similar issuers. Other Investments: With respect to other investments including equity method investments for which the fair value election has been made, KKR generally employs the same valuation methodologies as described above for private equity investments when valuing these other investments. Investments and Debt Obligations of Consolidated CMBS Vehicles: Under ASU 2014-13, KKR measures CMBS investments on the basis of the fair value of the financial liabilities of the CMBS. Debt obligations of consolidated CMBS vehicles are valued based on discounted cash flow analyses. The key input is the expected yield of each CMBS security using both observable and unobservable factors, which may include recently offered or completed trades and published yields of similar securities, security-specific characteristics (e.g. securities ratings issued by nationally recognized statistical rating organizations, credit support by other subordinate securities issued by the CMBS and coupon type) and other characteristics. Key unobservable inputs that have a significant impact on KKR’s Level III investment valuations as described above are included in Note 5 “Fair Value Measurements.” KKR utilizes several unobservable pricing inputs and assumptions in determining the fair value of its Level III investments. These unobservable pricing inputs and assumptions may differ by investment and in the application of KKR’s valuation methodologies. KKR’s reported fair value estimates could vary materially if KKR had chosen to incorporate different unobservable pricing inputs and other assumptions or, for applicable investments, if KKR only used either the discounted cash flow methodology or the market comparables methodology instead of assigning a weighting to both methodologies. Level III Valuation Process The valuation process involved for Level III measurements is completed on a quarterly basis and is designed to subject the valuation of Level III investments to an appropriate level of consistency, oversight, and review. For Private Markets investments classified as Level III, investment professionals prepare preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable companies and other factors. These preliminary valuations are reviewed by an independent valuation firm engaged by KKR to perform certain procedures in order to assess the reasonableness of KKR’s valuations annually for all Level III investments in Private Markets and quarterly for investments other than certain investments, which have values less than pre-set value thresholds and which in the aggregate comprise less than 5% of the total value of KKR’s Level III Private Markets investments. For credit investments, an independent valuation firm is generally engaged by KKR with respect to most investments classified as Level III. The valuation firm either provides a valuation range from which KKR’s investment professionals select a point in the range to determine the preliminary valuation or performs certain procedures in order to assess the reasonableness and provide positive assurance of KKR’s valuations. After reflecting any input from the independent valuation firm, the valuation proposals are submitted to their respective valuation sub-committees. KKR has a global valuation committee comprised of senior employees including investment professionals and professionals from business operations functions, and includes our Chief Financial Officer, General Counsel and Chief Compliance Officer. The global valuation committee is assisted by valuation sub-committees and investment professionals for each business strategy. All preliminary Level III valuations are reviewed and approved by the valuation sub-committees for private equity, real estate, energy and infrastructure and credit, as applicable. When Level III valuations are required to be performed on hedge fund investments, a valuation sub-committee for hedge funds reviews these valuations. The valuation sub-committees are responsible for the review and approval of valuations in their respective business lines on a quarterly basis. The members of the valuation sub-committees are comprised of investment professionals and professionals from business operations functions such as legal, compliance and finance, who are not primarily responsible for the management of the investments. The global valuation committee provides general oversight of the valuation sub-committees. The global valuation committee is responsible for coordinating and implementing the firm’s valuation process to ensure consistency in the application of valuation principles across portfolio investments and between periods. All valuations are subject to approval by the global valuation committee. When valuations are approved by the global valuation committee after reflecting any input from it, the valuations of Level III investments, as well as the valuations of Level I and Level II investments, are presented to the audit committee of the board of directors of the general partner of KKR & Co. L.P. and are then reported to the board of directors.
Freestanding Derivatives	Freestanding Derivatives Freestanding derivatives are instruments that KKR and certain of the consolidated funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include forward, swap and option contracts related to foreign currencies and interest rates to manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in Other Assets or Accounts Payable, Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. KKR’s derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to minimize this risk by limiting its counterparties to major financial institutions with strong credit ratings.
Securities Sold Short	Securities Sold Short Whether part of a hedging transaction or a transaction in its own right, securities sold short represent obligations of KKR to deliver the specified security at the contracted price at a future point in time, and thereby create a liability to repurchase the security in the market at the prevailing prices. The liability for such securities sold short, which is recorded in Accounts Payable, Accrued Expenses and Other Liabilities in the statement of financial condition, is marked to market based on the current fair value of the underlying security at the reporting date with changes in fair value recorded as unrealized gains or losses in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. These transactions may involve market risk in excess of the amount currently reflected in the accompanying consolidated statements of financial condition.
Fees and Other	Fees and Other As indicated above, on January 1, 2016, KKR adopted ASU 2015-02, which resulted in the de-consolidation of most of KKR's investment funds that had been consolidated prior to such date. Management fees, fee credits and carried interest earned from consolidated funds are eliminated in consolidation and as such are not recorded in Fees and Other. The economic impact of these management fees, fee credits and carried interests that are eliminated is reflected as an adjustment to noncontrolling interests and has no impact to Net Income Attributable to KKR & Co. L.P. As a result of the de-consolidation of most of our investment funds, the management fees, fee credits and carried interests associated with funds that had previously been consolidated are included in Fees and Other beginning on January 1, 2016 as such amounts are no longer eliminated. Fees and other consist primarily of (i) transaction fees earned in connection with successful investment transactions and from capital markets activities, (ii) management and incentive fees from providing investment management services to unconsolidated funds, CLOs, other vehicles, and separately managed accounts, (iii) monitoring fees from providing services to portfolio companies, (iv) carried interest allocations to general partners of unconsolidated funds, (v) revenue earned by oil and gas-producing entities that are consolidated and (vi) consulting fees earned by consolidated entities that employ non-employee operating consultants. For the three months ended March 31, 2016 and 2015 , respectively, fees and other consisted of the following: Three Months Ended March 31, 2016 2015 Management Fees $ 156,330 $ 48,205 Transaction Fees 97,268 100,150 Monitoring Fees 28,103 111,525 Fee Credits (22,379 ) (7,545 ) Carried Interest (116,956 ) — Incentive Fees (2,008 ) 5,639 Oil and Gas Revenue 13,561 24,944 Consulting Fees 8,886 8,427 Total Fees and Other $ 162,805 $ 291,345 All revenues presented in the table above, except for oil and gas revenue, are earned from KKR investment funds and portfolio companies. Consulting fees are earned by certain consolidated entities that employ non-employee operating consultants from providing advisory and other services to portfolio companies and other companies. These fees are separately negotiated with each company for which services are provided and are not shared with KKR. Transaction, Management, Monitoring, Consulting, and Incentive Fees Recognition Transaction, management, monitoring, consulting and incentive fees are recognized when earned based on the contractual terms of the governing agreements and coincides with the period during which the related services are performed. In the case of transaction fees, the fees are recognized upon closing of the transaction. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period when the related transaction closes. Fee Credits Agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. Carried Interest For certain investment fund structures, carried interest is allocated to the general partner based on cumulative fund performance to date, and where applicable, subject to a preferred return to limited partners. At the end of each reporting period, KKR calculates the carried interest that would be due to KKR for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (a) positive performance resulting in an increase in the carried interest allocated to the general partner or (b) negative performance that would cause the amount due to KKR to be less than the amount previously recognized as revenue, resulting in a negative adjustment to carried interest allocated to the general partner. In each case, it is necessary to calculate the carried interest on cumulative results compared to the carried interest recorded to date and make the required positive or negative adjustments. KKR ceases to record negative carried interest allocations once previously recognized carried interest allocations for a fund have been fully reversed. KKR is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative carried interest over the life of a fund. Accrued but unpaid carried interest as of the reporting date is reflected in Investments in the consolidated statements of financial condition. Oil and Gas Revenue Recognition Oil and gas revenues are recognized when production is sold to a purchaser at fixed or determinable prices, when delivery has occurred and title has transferred and collectability of the revenue is reasonably assured. The oil and gas producing entities consolidated by KKR follow the sales method of accounting for natural gas revenues. Under this method of accounting, revenues are recognized based on volumes sold, which may differ from the volume to which the entity is entitled based on KKR’s working interest. An imbalance is recognized as a liability only when the estimated remaining reserves will not be sufficient to enable the under-produced owners to recoup their entitled share through future production. Under the sales method, no receivables are recorded when these entities have taken less than their share of production and no payables are recorded when it has taken more than its share of production unless reserves are not sufficient.
Intangible Assets	Intangible Assets Intangible assets consist primarily of contractual rights to earn future fee income, including management and incentive fees, and are recorded in Other Assets in the accompanying consolidated statements of financial condition. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives and amortization expense is included within General, Administrative and Other in the accompanying consolidated statements of operations. Intangible assets are reviewed for impairment when circumstances indicate impairment may exist. As of March 31, 2016, KKR does not have any indefinite-lived intangible assets.
Goodwill	Goodwill Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in connection with an acquisition. Goodwill is assessed for impairment annually or more frequently if circumstances indicate impairment may have occurred. Goodwill is recorded in Other Assets in the accompanying consolidated statements of financial condition.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Topic 606 (“ASU 2014-09”) which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Revenue recorded under ASU 2014-09 will depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. Early adoption will be permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. A full retrospective or modified retrospective approach is required. KKR is currently evaluating the impact the adoption of this guidance may have on its financial statements, including with respect to the timing of the recognition of carried interest. Consolidation In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance in ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and also eliminates the consolidation model specific to limited partnerships. The amendments also clarify how to treat fees paid to an asset manager or other entity that makes the decisions for the investment vehicle and whether such fees should be considered in determining when a variable interest entity should be reported on an asset manager's balance sheet. ASU 2015-02 is effective for reporting periods starting after December 15, 2015 and for interim periods within the fiscal year. KKR adopted ASU 2015-02 on January 1, 2016. See "Principles of Consolidation" for a discussion of the impact that the adoption had on KKR's financial statements. Interest - Imputation of Interest In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amended guidance requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability rather than a deferred charge within other assets, consistent with debt discounts. In August 2015, the FASB clarified that line-of-credit arrangements are outside the scope of ASU 2015-03. The amended guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. KKR adopted the guidance for debt arrangements that are not line-of-credit arrangements for the three months ended March 31, 2016 and applied a retrospective approach. As a result of the adoption, the December 31, 2015 statement of financial condition was impacted resulting in a reduction in deferred financing costs reported in other assets and a corresponding reduction in debt obligations of $15.4 million . Adoption of this guidance had no impact on KKR & Co. L.P. Partners’ Capital and Net Income (Loss) Attributable to KKR & Co. L.P. Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share In May 2015, the FASB issued amended guidance on the disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. This guidance was adopted by KKR on January 1, 2016 and did not have a material impact on KKR’s financial statements. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Liabilities (“ASU 2016-01”). The amended guidance (i) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is currently required to be disclosed for financial instruments measured at fair value; (iii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments and (iv) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amended guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amended guidance related to equity securities without readily determinable fair values (including the disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. KKR is currently evaluating the impact on the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of calculation of noncontrolling interests held by KKR Holdings	The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended 2016 2015 Balance at the beginning of the period $ 4,347,153 $ 4,661,679 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) (271,575 ) 239,008 Other comprehensive income (loss), net of tax (b) 3,730 (11,077 ) Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (29,380 ) (58,140 ) Equity based compensation 10,606 20,517 Capital contributions 69 250 Capital distributions (61,673 ) (132,274 ) Balance at the end of the period $ 3,998,930 $ 4,719,963 (a) Refer to the table below for calculation of Net income (loss) attributable to noncontrolling interests held by KKR Holdings. (b) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (c) Calculated based on the proportion of KKR Holdings units exchanged for KKR & Co. L.P. common units pursuant to the exchange agreement during the reporting period. The exchange agreement provides for the exchange of KKR Group Partnership Units held by KKR Holdings for KKR & Co. L.P. common units.
Schedule of net income (loss) attributable to noncontrolling interests held by KKR Holdings	The following table presents net income (loss) attributable to noncontrolling interests held by KKR Holdings: Three Months Ended 2016 2015 Net income (loss) $ (760,336 ) $ 1,943,009 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (38 ) 1,933 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities (158,784 ) 1,431,561 Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp. (9,385 ) 6,053 Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings $ (610,899 ) $ 515,568 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ (271,575 ) $ 239,008
Schedule of fees	For the three months ended March 31, 2016 and 2015 , respectively, fees and other consisted of the following: Three Months Ended March 31, 2016 2015 Management Fees $ 156,330 $ 48,205 Transaction Fees 97,268 100,150 Monitoring Fees 28,103 111,525 Fee Credits (22,379 ) (7,545 ) Carried Interest (116,956 ) — Incentive Fees (2,008 ) 5,639 Oil and Gas Revenue 13,561 24,944 Consulting Fees 8,886 8,427 Total Fees and Other $ 162,805 $ 291,345

NET GAINS (LOSSES) FROM INVES29

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of total net gains (losses) from investment activities	The following table summarizes total Net Gains (Losses) from Investment Activities for the three months ended March 31, 2016 and 2015 , respectively: Three Months Ended Three Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Private Equity (a) $ (2,127 ) $ (212,361 ) $ 1,619,876 $ 271,278 Credit and Other (a) (40,504 ) (237,050 ) 42,826 (275,975 ) Investments of Consolidated CFEs (a) (36,989 ) 219,184 (17,271 ) 92,903 Real Assets (a) 12,355 (123,138 ) — (100,112 ) Foreign Exchange Forward Contracts and Options (b) 17,761 (46,200 ) 133,931 323,310 Securities Sold Short (b) 15,159 (17,335 ) (1,637 ) (21,802 ) Other Derivatives (b) (16,513 ) 4,356 (7,679 ) 9,439 Debt Obligations and Other (c) 7,575 (279,396 ) 35,741 (185,003 ) Net Gains (Losses) From Investment Activities $ (43,283 ) $ (691,940 ) $ 1,805,787 $ 114,038 (a) See Note 4 "Investments." (b) See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities." (c) See Note 10 "Debt Obligations."

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Summary of investments	Investments consist of the following: March 31, 2016 December 31, 2015 Private Equity $ 3,203,156 $ 36,398,474 Credit 4,735,020 6,300,004 Investments of Consolidated CFEs 13,652,783 12,735,309 Real Assets 1,485,230 4,048,281 Equity Method 2,882,007 1,730,565 Carried Interest 2,736,548 245,066 Other 1,090,568 3,848,232 Total Investments $ 29,785,312 $ 65,305,931
Schedule of carried interest	Carried interest allocated to the general partner in respect of performance of investment funds that are not consolidated were as follows: Carried Interest Balance at December 31, 2015 $ 245,066 Deconsolidation of Funds on Adoption of ASU 2015-02 2,712,962 Carried Interest Allocated as a result of Changes in Fund Fair Value (116,956 ) Fund Distributions (104,524 ) Balance at March 31, 2016 $ 2,736,548

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities at fair value	The following tables summarize the valuation of KKR's assets and liabilities by the fair value hierarchy. Carried Interest and Equity Method Investments for which the fair value option has not been elected have been excluded from the tables below. Assets, at fair value: March 31, 2016 Level I Level II Level III Total Private Equity $ 1,889,455 $ — $ 1,313,701 $ 3,203,156 Credit — 478,444 4,256,576 4,735,020 Investments of Consolidated CFEs — 8,102,301 5,550,482 13,652,783 Real Assets — 58,537 1,426,693 1,485,230 Equity Method — 291,049 455,945 746,994 Other 559,618 26,624 504,326 1,090,568 Total 2,449,073 8,956,955 13,507,723 24,913,751 Foreign Exchange Contracts and Options — 99,726 — 99,726 Other Derivatives 3,260 6,780 — 10,040 Total Assets $ 2,452,333 $ 9,063,461 $ 13,507,723 $ 25,023,517 December 31, 2015 Level I Level II Level III Total Private Equity $ 16,614,008 $ 880,928 $ 18,903,538 $ 36,398,474 Credit — 1,287,649 5,012,355 6,300,004 Investments of Consolidated CFEs — 12,735,309 — 12,735,309 Real Assets — — 4,048,281 4,048,281 Equity Method — — 891,606 891,606 Other 817,328 449,716 2,581,188 3,848,232 Total 17,431,336 15,353,602 31,436,968 64,221,906 Foreign Exchange Contracts and Options — 635,183 — 635,183 Other Derivatives — 5,703 — 5,703 Total Assets $ 17,431,336 $ 15,994,488 $ 31,436,968 $ 64,862,792 Liabilities, at fair value: March 31, 2016 Level I Level II Level III Total Securities Sold Short $ 400,053 $ — $ — $ 400,053 Foreign Exchange Contracts and Options — 18,222 — 18,222 Unfunded Revolver Commitments — 5,171 — 5,171 Other Derivatives (1) — 55,409 78,360 133,769 Debt Obligations of Consolidated CFEs — 7,870,454 5,447,158 13,317,612 Total Liabilities $ 400,053 $ 7,949,256 $ 5,525,518 $ 13,874,827 December 31, 2015 Level I Level II Level III Total Securities Sold Short $ 286,981 $ 13,009 $ — $ 299,990 Foreign Exchange Contracts and Options — 83,748 — 83,748 Unfunded Revolver Commitments — 15,533 — 15,533 Other Derivatives — 104,518 — 104,518 Debt Obligations of Consolidated CFEs — 12,365,222 — 12,365,222 Total Liabilities $ 286,981 $ 12,582,030 $ — $ 12,869,011 (1) Includes an option issued in connection with the acquisition of a 24.9% equity interest in Marshall Wace LLP and its affiliates ("Marshall Wace") to increase KKR's ownership interest over time to 39.9% . The option is valued using a Monte-Carlo simulation valuation methodology. Key inputs used in this methodology that require estimates include Marshall Wace's dividend yield, assets under management volatility and equity volatility.
Summary of changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value	The following tables summarize changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value for the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 18,903,538 $ 5,012,355 $ — $ 4,048,281 $ 891,606 $ 2,581,188 $ 31,436,968 $ — Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02 (17,806,748 ) (710,348 ) — (2,628,999 ) — (2,026,793 ) (23,172,888 ) — Transfers In — 2,447 4,343,829 — — — 4,346,276 4,272,081 Transfers Out — — — (55,781 ) (311,270 ) — (367,051 ) — Asset Purchases / Debt Issuances 235,541 344,055 1,026,801 224,519 8,231 33,926 1,873,073 990,450 Sales — (286,104 ) (7,278 ) (58,619 ) (57,560 ) (55,528 ) (465,089 ) — Settlements — 1,247 — — — — 1,247 (7,278 ) Net Realized Gains (Losses) — 11,391 — 13,602 (1,991 ) (24,613 ) (1,611 ) — Net Unrealized Gains (Losses) (18,630 ) (121,708 ) 187,130 (116,310 ) (73,071 ) (3,854 ) (146,443 ) 191,905 Change in Other Comprehensive Income — 3,241 — — — — 3,241 — Balance, End of Period $ 1,313,701 $ 4,256,576 $ 5,550,482 $ 1,426,693 $ 455,945 $ 504,326 13,507,723 $ 5,447,158 Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ (18,630 ) $ (121,708 ) $ 187,130 $ (116,310 ) $ (73,071 ) $ (3,854 ) $ (146,443 ) $ 191,905 Three Months Ended March 31, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 26,276,021 $ 4,192,702 $ 92,495 $ 3,130,404 $ 898,206 $ 1,234,795 $ 35,824,623 $ 7,615,340 Transfers In — 16,706 108,340 — — 1,187 126,233 — Transfers Out (1,212,235 ) (12,860 ) — — — (1,710 ) (1,226,805 ) — Asset Purchases / Debt Issuances 688,776 433,196 1,308 853,770 43,704 370,658 2,391,412 — Sales (327,054 ) (196,667 ) (3,138 ) (9,963 ) (49 ) (99,114 ) (635,985 ) — Settlements — 57,567 (883 ) — — 1,969 58,653 — Net Realized Gains (Losses) 145,084 (6,536 ) — — — 1,229 139,777 — Net Unrealized Gains (Losses) 561,623 (257,883 ) (44,466 ) (100,112 ) (17,003 ) (52,569 ) 89,590 — Change in Accounting Principle — — — — — — — (7,615,340 ) Change in Other Comprehensive Income — — — — — — — — Balance, End of Period $ 26,132,215 $ 4,226,225 $ 153,656 $ 3,874,099 $ 924,858 $ 1,456,445 $ 36,767,498 $ — Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 712,482 $ (289,389 ) $ (44,466 ) $ (100,112 ) $ (17,003 ) $ (54,428 ) $ 207,084 $ —
Summary of fair value transfers between fair value levels	The following table summarizes the fair value transfers between fair value levels during the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 Assets, at fair value: Transfers from Level II to Level III 1 $ 4,346,276 $ 126,233 Transfers from Level III to Level II 2 $ 367,051 $ 14,570 Transfers from Level III to Level I 3 $ — $ 1,212,235 Liabilities, at fair value: Transfers from Level II to Level III 4 $ 4,272,081 $ — (1) Transfers out of Level II and into Level III are principally attributable to certain investments that experienced an insignificant level of market activity during the period and thus were valued in the absence of observable inputs. (2) Transfers out of Level III and into Level II are principally attributable to certain investments that experienced a higher level of market activity during the period and thus were valued using observable inputs. (3) Transfers out of Level III and into Level I are attributable to portfolio companies that are valued using their publicly traded market price. (4) Transfers out of Level II and into Level III are principally attributable to debt obligations of CMBS vehicles due to an insignificant level of market activity during the period and thus were valued in the absence of observable inputs.
Summary of valuation methodologies used for assets, measured at fair value and categorized within Level III	The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured at fair value and categorized within Level III as of March 31, 2016 : Fair Value March 31, 2016 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity $ 1,313,701 Private Equity $ 543,184 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 9.9% 5% - 15% Decrease Weight Ascribed to Market Comparables 42.5% 0% - 50% (4) Weight Ascribed to Discounted Cash Flow 46.7% 12.5% - 100% (5) Weight Ascribed to Transaction Price 10.8% 0% - 75% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.0x 9.6x - 18.0x Increase Enterprise Value/Forward EBITDA Multiple 10.6x 8.1x - 15.2x Increase Discounted cash flow Weighted Average Cost of Capital 11% 8.8% - 13.5% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.5x 8.0x - 12.4x Increase Growth Equity $ 770,517 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 13.1% 10.0% - 20.0% Decrease Weight Ascribed to Market Comparables 51.3% 7.5% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 19.9% 0.0% - 85.0% (5) Weight Ascribed to Transaction Price 28.8% 0.0% - 85.0% (6) Scenario Weighting Base 50.5% 30.0% - 80.0% Increase Downside 26.0% 10.0% - 40.0% Decrease Upside 23.5% 10.0% - 33.3% Increase Credit $ 4,256,576 Yield Analysis Yield 10.3% 4.9% - 26.1% Decrease Net Leverage 5.1 0.9x - 18.3x Decrease EBITDA Multiple 9.1 1.1x - 25.4x Increase Investments of Consolidated CFEs $ 5,550,482 (9) Debt Obligations of Consolidated CFEs $ 5,447,158 Discounted cash flow Yield 5.5% 1.6% - 24.6% Decrease Real Assets $ 1,426,693 (10) Energy $ 640,560 Discounted cash flow Weighted Average Cost of Capital 11.0% 8.0% - 17.3% Decrease Average Price Per BOE (8) $38.55 $23.46 - $42.86 Increase Real Estate $ 668,822 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 40.8% 0% - 75% (7) Weight Ascribed to Discounted Cash Flow 59.2% 25% - 100% (5) Direct Income Capitalization Current Capitalization Rate 6.3% 4.0% - 10.9% Decrease Discounted cash flow Unlevered Discount Rate 9.3% 6.8% - 20% Decrease (1) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments and debt obligations. LTM means Last Twelve Months and EBITDA means Earnings Before Interest Taxes Depreciation and Amortization. (2) Inputs were weighted based on the fair value of the investments included in the range. (3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price. (5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price. (6) The directional change from an increase in the weight ascribed to the transaction price would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach. (7) The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach. (8) The total Energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent, or BOE, is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 83% liquids and 17% natural gas. (9) Under ASU 2014-13, KKR measures CMBS investments on the basis of the fair value of the financial liabilities of the CMBS vehicle. See Note 2 "Summary of Significant Accounting Policies." (10) Includes one Infrastructure investment for $117.3 million that was valued using a discounted cash flow analysis. The significant inputs used included the weighted average cost of capital ( 8.7% ) and the enterprise value/LTM EBITDA Exit Multiple ( 11.0 x).

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Summary of disclosures of financial instruments for which the fair value option was elected	The following table summarizes the financial instruments for which the fair value option has been elected: March 31, 2016 December 31, 2015 Assets Private Equity $ 209,252 $ 211,474 Credit 957,057 936,063 Investments of Consolidated CFEs 13,652,783 12,735,309 Real Assets 117,311 90,245 Equity Method 746,994 891,606 Other 348,305 374,185 Total $ 16,031,702 $ 15,238,882 Liabilities Debt Obligations of Consolidated CFEs $ 13,317,612 $ 12,365,222 Total $ 13,317,612 $ 12,365,222 The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2016 2015 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Assets Private Equity $ — $ (3,144 ) $ 115,535 $ 24,027 Credit (5,196 ) (45,641 ) 2,970 (4,386 ) Investments of Consolidated CFEs (36,989 ) 219,184 (17,271 ) 92,903 Real Assets — 5,240 — (2,514 ) Equity Method (1,991 ) (93,293 ) — (17,003 ) Other (1,816 ) (10,502 ) — (9,577 ) Total $ (45,992 ) $ 71,844 $ 101,234 $ 83,450 Liabilities Debt Obligations of Consolidated CFEs — (267,456 ) — (107,056 ) Total $ — $ (267,456 ) $ — $ (107,056 )

NET INCOME (LOSS) ATTRIBUTABL33

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted Net Income (Loss) attributable to KKR & Co. earnings per common unit	For the three months ended March 31, 2016 and 2015 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended March 31, 2016 2015 Net Income (Loss) Attributable to KKR & Co. L.P. $ (329,939 ) $ 270,507 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 450,262,143 434,874,820 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ (0.73 ) $ 0.62 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 450,262,143 434,874,820 Weighted Average Unvested Common Units and Other Exchangeable Securities — 37,350,524 Weighted Average Common Units Outstanding - Diluted 450,262,143 472,225,344 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ (0.73 ) $ 0.57
Schedule of KKR Holdings units excluded from the calculation of diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit	Three Months Ended March 31, 2016 2015 Weighted Average KKR Holdings Units Outstanding 360,317,628 375,836,317

OTHER ASSETS AND ACCOUNTS PAY34

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of other assets	Other Assets consist of the following: March 31, 2016 December 31, 2015 Due from Broker (a) $ 340,702 $ 365,678 Oil & Gas Assets, net (b) 298,010 355,537 Deferred Tax Assets, net 290,723 275,391 Interest, Dividend and Notes Receivable (c) 277,229 372,699 Fixed Assets, net (d) 230,134 226,340 Intangible Assets, net (e) 171,731 176,987 Unsettled Investment Sales (f) 147,332 74,862 Foreign Exchange Contracts and Options (g) 99,726 635,183 Goodwill (e) 89,000 89,000 Receivables 84,882 78,297 Derivative Assets 10,040 5,703 Deferred Transaction Related Expenses 35,462 35,422 Prepaid Taxes 21,855 24,326 Prepaid Expenses 15,383 13,697 Deferred Financing Costs 13,907 65,225 Other 60,980 14,790 Total $ 2,187,096 $ 2,809,137 (a) Represents amounts held at clearing brokers resulting from securities transactions. (b) Includes proved and unproved oil and natural gas properties under the successful efforts method of accounting, which is net of impairment write-downs, accumulated depreciation, depletion and amortization. (c) Represents interest and dividend receivables and a promissory note due from a third party. The promissory note bears interest at 2.0% per annum and matures in January 2018. (d) Net of accumulated depreciation and amortization of $139,442 and $135,487 as of March 31, 2016 and December 31, 2015 , respectively. Depreciation and amortization expense of $3,916 and $3,914 for the three months ended March 31, 2016 and 2015, respectively, is included in General, Administrative and Other in the accompanying consolidated statements of operations. (e) See Note 16 “Goodwill and Intangible Assets.” (f) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (g) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: March 31, 2016 December 31, 2015 Amounts Payable to Carry Pool (a) $ 1,113,450 $ 1,199,000 Securities Sold Short (b) 400,053 299,990 Unsettled Investment Purchases (c) 222,287 594,152 Derivative Liabilities 133,769 104,518 Interest Payable 92,255 102,195 Accounts Payable and Accrued Expenses 79,038 112,007 Accrued Compensation and Benefits 59,987 17,765 Contingent Consideration Obligation (d) 46,600 46,600 Deferred Rent and Income 23,677 21,706 Foreign Exchange Contracts and Options (e) 18,222 83,748 Redemptions Payable 17,155 — Taxes Payable 13,733 8,770 Due to Broker (f) — 27,121 Other Liabilities 43,087 97,778 Total $ 2,263,313 $ 2,715,350 (a) Represents the amount of carried interest payable to principals, professionals and other individuals with respect to KKR’s active funds and co-investment vehicles that provide for carried interest. (b) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (c) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (d) Represents potential contingent consideration related to the acquisition of Prisma. (e) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (f) Represents amounts owed for securities transactions initiated at clearing brokers.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss, before allocations to the carry pool, if any, for those VIEs in which entity is determined not to be the primary beneficiary but in which it has a variable interest	As of March 31, 2016 and December 31, 2015 , the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows: March 31, 2016 December 31, 2015 Investments $ 3,734,487 $ 264,277 Due from (to) Affiliates, net (36,022 ) 4,315 Maximum Exposure to Loss $ 3,698,465 $ 268,592

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of borrowings	KKR’s borrowings consisted of the following: March 31, 2016 December 31, 2015 Financing Available Borrowing Outstanding Fair Value Financing Available Borrowing Outstanding Fair Value Revolving Credit Facilities: Corporate Credit Agreement $ 1,000,000 $ — $ — $ 1,000,000 $ — $ — KCM Credit Agreement 500,000 — — 500,000 — — Notes Issued: KKR Issued 6.375% Notes Due 2020 (a) — 497,363 583,355 (j) — 497,217 578,510 (j) KKR Issued 5.500% Notes Due 2043 (b) — 490,900 513,780 (j) — 490,815 517,880 (j) KKR Issued 5.125% Notes Due 2044 (c) — 989,084 985,810 (j) — 988,985 994,960 (j) KFN Issued 8.375% Notes Due 2041 (d) — 289,350 270,549 (k) — 289,660 273,965 (k) KFN Issued 7.500% Notes Due 2042 (e) — 123,267 120,701 (k) — 123,346 120,425 (k) KFN Issued Junior Subordinated Notes (f) — 248,903 200,179 — 248,498 216,757 Other Consolidated Debt Obligations: Fund Financing Facilities (g) 1,338,690 871,018 871,018 (l) 3,465,238 3,710,854 3,710,854 (l) CLO Debt Obligations (h) — 7,870,454 7,870,454 — 8,093,141 8,093,141 CMBS Debt Obligations (i) — 5,447,158 5,447,158 — 4,272,081 4,272,081 $ 2,838,690 $ 16,827,497 $ 16,863,004 $ 4,965,238 $ 18,714,597 $ 18,778,573 (a) $500 million aggregate principal amount of 6.375% senior notes of KKR due 2020. (b) $500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. (c) $1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. (d) KKR consolidates KFN and thus reports KFN’s outstanding $259 million aggregate principal amount of 8.375% senior notes due 2041. (e) KKR consolidates KFN and thus reports KFN’s outstanding $115 million aggregate principal amount of 7.500% senior notes due 2042. (f) KKR consolidates KFN and thus reports KFN’s outstanding $284 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 5.6% and the weighted average years to maturity is 20.5 years as of March 31, 2016 . These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR’s Level III credit investments. (g) Certain of KKR’s consolidated investment funds have entered into financing arrangements with major financial institutions, generally to enable such investment funds to make investments prior to or without receiving capital from fund limited partners. The weighted average interest rate is 2.9% and 2.3% as of March 31, 2016 and December 31, 2015 , respectively. In addition, the weighted average years to maturity is 3.2 years and 2.5 years as of March 31, 2016 and December 31, 2015 , respectively. (h) CLO debt obligations are carried at fair value and are classified as Level II within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (i) CMBS debt obligations are carried at fair value and are classified as Level III within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (j) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (k) The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (l) Carrying value approximates fair value given the fund financing facilities’ interest rates are variable.
Schedule of debt obligations of consolidated CLOs	As of March 31, 2016 , debt obligations of consolidated CFEs consisted of the following: Borrowing Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes of Consolidated CLOs $ 7,604,519 2.4 % 9.8 Subordinated Notes of Consolidated CLOs 265,935 (a) 8.6 Debt Obligations of Consolidated CMBS Vehicles 5,447,158 4.5 % 32.8 $ 13,317,612 (a) The subordinated notes do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.

EQUITY BASED COMPENSATION (Tabl

EQUITY BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of expense associated with equity based compensation	The following table summarizes the expense associated with equity based compensation for the three months ended March 31, 2016 and 2015 , respectively. Three Months Ended 2016 2015 Equity Incentive Plan Units $ 49,961 $ 52,265 KKR Holdings Market Condition Awards 6,397 — Other Exchangeable Securities 3,256 3,768 KKR Holdings Principal Awards 151 2,518 KKR Holdings Restricted Equity Units — 128 Discretionary Compensation 4,058 17,871 Total $ 63,823 $ 76,550
Schedule of unrecognized expense of equity incentive plan awards expected to be recognized	As of March 31, 2016 , there was approximately $332.1 million of estimated unrecognized expense related to unvested awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2016 $ 126.6 2017 124.3 2018 67.2 2019 14.0 Total $ 332.1
Schedule of awards granted under equity incentive plan	A summary of the status of unvested awards granted under the Equity Incentive Plan from January 1, 2016 through March 31, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 23,128,228 $ 14.61 Granted 13,425,594 13.44 Vested (12,218 ) 18.52 Forfeited (874,764 ) 14.60 Balance, March 31, 2016 35,666,840 $ 14.17
Schedule of remaining vesting tranches of awards granted under the equity incentive plan	A summary of the remaining vesting tranches of awards granted under the Equity Incentive Plan is presented below: Vesting Date Units April 1, 2016 6,918,886 October 1, 2016 5,085,060 April 1, 2017 8,546,553 October 1, 2017 2,199,577 April 1, 2018 7,287,306 October 1, 2018 1,838,096 April 1, 2019 3,352,464 October 1, 2019 438,898 35,666,840
Schedule of valuation assumptions used for market condition awards	Below is a summary of the significant assumptions used to estimate the grant date fair value of the Market Condition Awards. Closing KKR unit price as of valuation date $15.23 Risk Free Rate 1.72 % Volatility 25.0 % Dividend Yield 4.2 % Expected Cost of Equity 11.76 %
Schedule of market condition awards granted	The table below shows the units that were granted and their respective market conditions, total vesting periods and grant date fair values. Units Granted Market Condition Vesting Threshold per KKR common unit Vesting Date Grant Date Fair Value Per Unit 5,775,000 $23.65 January 1, 2018 $5.07 5,775,000 $27.02 January 1, 2019 $3.44 8,662,500 $30.40 January 1, 2020 $2.32 8,662,500 $33.78 January 1, 2021 $1.57 28,875,000
Schedule of unrecognized expense of unvested market condition awards expected to be recognized	As of March 31, 2016, there was approximately $66.6 million of estimated unrecognized compensation expense related to unvested Market Condition Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense (in millions) Remainder of 2016 $ 19.5 2017 25.9 2018 12.4 2019 6.5 2020 2.3 Total $ 66.6
Schedule of KKR Holdings awards granted to other exchangeable securities	A summary of the status of unvested Other Exchangeable Securities from January 1, 2016 through March 31, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 847,989 $ 17.28 Granted — — Vested — — Forfeited — — Balance, March 31, 2016 847,989 $ 17.28

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of due from and to affiliates	Due from Affiliates consists of: March 31, 2016 December 31, 2015 Amounts due from portfolio companies $ 39,942 $ 46,716 Amounts due from unconsolidated investment funds 262,791 74,409 Amounts due from related entities 15,834 18,658 Due from Affiliates $ 318,567 $ 139,783 Due to Affiliates consists of: March 31, 2016 December 31, 2015 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 128,506 $ 127,962 Amounts due to unconsolidated investment funds 298,813 — Amounts due to related entities 2,129 16,845 Due to Affiliates $ 429,448 $ 144,807

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of financial data of the entity's reportable segments	The following tables present the financial data for KKR’s reportable segments: As of and for the Three Months Ended March 31, 2016 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 117,798 $ 76,802 $ — $ — $ 194,600 Monitoring Fees 12,037 — — — 12,037 Transaction Fees 37,398 1,132 57,555 — 96,085 Fee Credits (22,596 ) (211 ) — — (22,807 ) Total Management, Monitoring and Transaction Fees, Net 144,637 77,723 57,555 — 279,915 Performance Income (Loss) Realized Incentive Fees — 1,593 — — 1,593 Realized Carried Interest 93,450 3,838 — — 97,288 Unrealized Carried Interest (194,699 ) (29,106 ) — — (223,805 ) Total Performance Income (Loss) (101,249 ) (23,675 ) — — (124,924 ) Investment Income (Loss) Net Realized Gains (Losses) — — — (24,183 ) (24,183 ) Net Unrealized Gains (Losses) — — — (564,991 ) (564,991 ) Total Realized and Unrealized — — — (589,174 ) (589,174 ) Interest Income and Dividends — — — 108,120 108,120 Interest Expense — — — (48,544 ) (48,544 ) Net Interest and Dividends — — — 59,576 59,576 Total Investment Income (Loss) — — — (529,598 ) (529,598 ) Total Segment Revenues 43,388 54,048 57,555 (529,598 ) (374,607 ) Segment Expenses Compensation and Benefits Cash Compensation and Benefits 48,967 19,054 8,168 24,710 100,899 Realized Performance Income Compensation 37,380 2,172 — — 39,552 Unrealized Performance Income Compensation (75,000 ) (11,642 ) — — (86,642 ) Total Compensation and Benefits 11,347 9,584 8,168 24,710 53,809 Occupancy and Related Charges 8,925 2,675 628 3,722 15,950 Other Operating Expenses 37,126 9,278 4,096 11,386 61,886 Total Segment Expenses 57,398 21,537 12,892 39,818 131,645 Income (Loss) attributable to noncontrolling interests — — 667 — 667 Economic Net Income (Loss) $ (14,010 ) $ 32,511 $ 43,996 $ (569,416 ) $ (506,919 ) Total Assets $ 1,738,931 $ 1,080,077 $ 306,996 $ 9,663,781 $ 12,789,785 As of and for the Three Months Ended March 31, 2015 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 109,276 $ 64,504 $ — $ — $ 173,780 Monitoring Fees 97,838 — — — 97,838 Transaction Fees 46,599 13,430 43,257 — 103,286 Fee Credits (69,906 ) (10,588 ) — — (80,494 ) Total Management, Monitoring and Transaction Fees, Net 183,807 67,346 43,257 — 294,410 Performance Income (Loss) Realized Incentive Fees — 5,665 — — 5,665 Realized Carried Interest 302,425 — — — 302,425 Unrealized Carried Interest 126,937 12,347 — — 139,284 Total Performance Income (Loss) 429,362 18,012 — — 447,374 Investment Income (Loss) Net Realized Gains (Losses) — — — 180,667 180,667 Net Unrealized Gains (Losses) — — — (10,721 ) (10,721 ) Total Realized and Unrealized — — — 169,946 169,946 Interest Income and Dividends — — — 96,433 96,433 Interest Expense — — — (45,758 ) (45,758 ) Net Interest and Dividends — — — 50,675 50,675 Total Investment Income (Loss) — — — 220,621 220,621 Total Segment Revenues 613,169 85,358 43,257 220,621 962,405 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 52,125 16,993 8,852 26,792 104,762 Realized Performance Income Compensation 120,970 2,265 — — 123,235 Unrealized Performance Income Compensation 50,693 4,938 — — 55,631 Total Compensation and Benefits 223,788 24,196 8,852 26,792 283,628 Occupancy and Related Charges 7,731 2,478 636 3,951 14,796 Other Operating Expenses 31,572 12,038 3,506 13,830 60,946 Total Segment Expenses 263,091 38,712 12,994 44,573 359,370 Income (Loss) attributable to noncontrolling interests 719 175 2,728 — 3,622 Economic Net Income (Loss) $ 349,359 $ 46,471 $ 27,535 $ 176,048 $ 599,413 Total Assets $ 1,750,416 $ 582,966 $ 245,381 $ 11,346,423 $ 13,925,186
Schedule of reconciliation of financial information from total reportable segments to the most directly comparable financial measures calculated and presented in accordance with GAAP	The following tables reconcile KKR’s total reportable segments to the most directly comparable financial measures calculated and presented in accordance with GAAP: Fees Three Months Ended March 31, 2016 March 31, 2015 Total Segment Revenues $ (374,607 ) $ 962,405 Management fees relating to consolidated funds and other entities (38,270 ) (125,575 ) Fee credits relating to consolidated funds 428 72,949 Net realized and unrealized carried interest 9,561 (441,709 ) Total investment income (loss) 529,598 (220,621 ) Revenue earned by oil & gas producing entities 13,561 24,944 Reimbursable expenses 15,881 9,778 Other 6,653 9,174 Fees and Other $ 162,805 $ 291,345 Expenses Three Months Ended March 31, 2016 March 31, 2015 Total Segment Expenses $ 131,645 $ 359,370 Equity based compensation 63,823 76,550 Reimbursable expenses 24,107 19,859 Operating expenses relating to consolidated funds, CFEs and other entities 43,671 10,970 Expenses incurred by oil & gas producing entities 17,826 21,078 Intangible amortization, acquisition, litigation and certain non-recurring costs 17,393 15,471 Other 9,858 11,735 Total Expenses $ 308,323 $ 515,033 Income (Loss) Before Taxes Three Months Ended March 31, 2016 March 31, 2015 Economic net income (loss) $ (506,919 ) $ 599,413 Income tax (1,890 ) (16,138 ) Amortization of intangibles and other, net (1) (28,882 ) 2,790 Equity based compensation (63,823 ) (76,550 ) Net income (loss) attributable to noncontrolling interests held by KKR Holdings 271,575 (239,008 ) Net income (loss) attributable to KKR & Co. L.P. $ (329,939 ) $ 270,507 Net income (loss) attributable to noncontrolling interests (430,359 ) 1,670,569 Net income (loss) attributable to redeemable noncontrolling interests (38 ) 1,933 Income tax 1,890 16,138 Income (loss) before taxes $ (758,446 ) $ 1,959,147 (1) Other primarily represents the statement of operations impact of the accounting convention difference for direct interests in oil & natural gas properties outside investment funds and interests in consolidated CLOs. On a segment basis, direct interests in oil & natural gas proprieties outside investment funds and interests in consolidated CLOs are carried at fair value with changes in fair value recorded in Economic Net Income (Loss). See Note 2 "Summary of Significant Accounting Policies" for the GAAP accounting for these direct interests in oil and natural gas producing properties outside investment funds and interests in consolidated CLOs.
Reconciliation of assets from segment to consolidated	The items that reconcile KKR’s total reportable segments to the corresponding condensed consolidated amounts calculated and presented in accordance with GAAP for net income (loss) attributable to redeemable noncontrolling interests and income (loss) attributable to noncontrolling interests are primarily attributable to the impact of KKR Holdings L.P., KKR's consolidated funds and certain other entities. Assets As of March 31, 2016 As of March 31, 2015 Total Segment Assets $ 12,789,785 $ 13,925,186 Consolidation of KKR Funds, CFEs and other entities 21,560,382 53,287,550 Accounting basis difference for oil & natural gas properties 78,416 74,254 Total Assets $ 34,428,583 $ 67,286,990

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets, net	Intangible Assets, Net consists of the following: As of March 31, 2016 December 31, 2015 Finite-Lived Intangible Assets $ 284,766 $ 284,766 Accumulated Amortization (includes foreign exchange) (113,035 ) (107,779 ) Intangible Assets, Net $ 171,731 $ 176,987
Schedule of changes in intangible assets, net	Changes in Intangible Assets, Net consists of the following: Three Months Ended Balance, Beginning of Period $ 176,987 Amortization Expense (6,774 ) Foreign Exchange 1,518 Balance, End of Period $ 171,731

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2016
Group Holdings
ORGANIZATION AND BASIS OF PRESENTATION
Percentage owned by KKR Holdings L.P.	99.00%
Management Holdings Corp
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of economic interest held by parent entity	1.00%
KKR Group Partnerships
ORGANIZATION AND BASIS OF PRESENTATION
Percentage owned by KKR Holdings L.P.	44.60%
Percentage of economic interest held by parent entity	55.40%

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in consolidated assets	$ (34,428,583,000)	$ (71,042,339,000)	$ (67,286,990,000)
Decrease in liabilities	(19,520,258,000)	(21,574,754,000)
Decrease in noncontrolling interests	(9,309,222,000)	$ (43,731,774,000)
Effect on net income (loss) as a result of the elimination in consolidation of management fees earned from noncontrolling interests	0
Accounting Standard Update 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in consolidated assets	36,900,000,000
Decrease in liabilities	2,700,000,000
Decrease in noncontrolling interests	$ 34,200,000,000

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interests (Details)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Expiration period of redeemable noncontrolling interests, low end of range (in years)	1 year
Expiration period of redeemable noncontrolling interests, high end of range (in years)	3 years

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests in Consolidated Entities (Details)	Mar. 17, 2016	Mar. 31, 2016
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of carried interest received by general partners		1.00%
Percentage of other profits (losses) received by general partners		1.00%
Series A LLC Preferred Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units dividend rate (as a percent)	6.75%
Series A LLC Preferred Stock | KFN
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units dividend rate (as a percent)		7.375%

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests Held by KKR Holdings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Calculation of Noncontrolling Interest [Abstract]
Equity based compensation	$ 63,823	$ 76,550
Capital contributions	507,870	1,880,114
Capital distributions	(369,274)	(3,407,973)
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net Income (Loss)	(760,336)	1,943,009
Less: Net income (loss) attributable to Redeemable Noncontrolling Interests	(38)	1,933
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities	(158,784)	1,431,561
Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp.	(9,385)	6,053
Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings	(610,899)	515,568
Noncontrolling Interests held by KKR Holdings
Calculation of Noncontrolling Interest [Abstract]
Balance at the beginning of the period	4,347,153	4,661,679
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	(271,575)	239,008
Other comprehensive income (loss), net of tax	3,730	(11,077)
Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units	(29,380)	(58,140)
Equity based compensation	10,606	20,517
Capital contributions	69	250
Capital distributions	(61,673)	(132,274)
Balance at the end of the period	3,998,930	4,719,963
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	$ (271,575)	$ 239,008

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurement (Details)	3 Months Ended
	Mar. 31, 2016methodology
Fair Value Measurements
Number of valuation methodologies used to determine fair value of investments	2
Maximum
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	100.00%
Minimum
Fair Value Measurements
Illiquidity Discount (as a percent)	5.00%
Private equity investment portfolio with more than one methodology | Level III | Market comparables
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	50.00%
Private equity investment portfolio with more than one methodology | Level III | Discounted cash flow analysis
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	50.00%
Private equity investment portfolio with single methodology | Level III
Fair Value Measurements
Percentage of fair value of investments which are valued on certain methodologies	54.00%
Private equity investment portfolio with single methodology | Level III | Maximum
Fair Value Measurements
Percentage of fair value of investments which are valued on certain methodologies	5.00%
Private equity investment portfolio with single methodology | Level III | Market comparables
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	100.00%
Private equity investment portfolio with single methodology | Level III | Discounted cash flow analysis
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	100.00%
Private markets investments valuation | Level III | Maximum
Fair Value Measurements
Percentage of fair value of investments for which valuations reviewed quarterly	5.00%

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fees and Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Management Fees	$ 156,330	$ 48,205
Transaction Fees	97,268	100,150
Monitoring Fees	28,103	111,525
Fee Credits	(22,379)	(7,545)
Carried Interest	(116,956)	0
Incentive Fees	(2,008)	5,639
Oil and Gas Revenue	13,561	24,944
Consulting Fees	8,886	8,427
Total Fees and Other	162,805	291,345
Reportable segments
Accounting Policies [Abstract]
Fee Credits	(22,807)	(80,494)
Incentive Fees	97,288	302,425
Total Fees and Other	$ 279,915	$ 294,410
Reportable segments | Minimum
Fees and Commissions [Line Items]
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses	80.00%
Reportable segments | Maximum
Fees and Commissions [Line Items]
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses	100.00%

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Financing Costs	$ 13,907	$ 65,225
Other Assets | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Financing Costs		(15,400)
Debt Obligations | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Financing Costs		$ 15,400

NET GAINS (LOSSES) FROM INVES49

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	$ (43,283)	$ 1,805,787
Net Unrealized Gains (Losses)	(691,940)	114,038
Private Equity
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	(2,127)	1,619,876
Net Unrealized Gains (Losses)	(212,361)	271,278
Credit and Other
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	(40,504)	42,826
Net Unrealized Gains (Losses)	(237,050)	(275,975)
Investments of Consolidated CFEs
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	(36,989)	(17,271)
Net Unrealized Gains (Losses)	219,184	92,903
Real Assets
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	12,355	0
Net Unrealized Gains (Losses)	(123,138)	(100,112)
Foreign Exchange Forward Contracts and Options
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	17,761	133,931
Net Unrealized Gains (Losses)	(46,200)	323,310
Securities Sold Short
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	15,159	(1,637)
Net Unrealized Gains (Losses)	(17,335)	(21,802)
Other Derivatives
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	(16,513)	(7,679)
Net Unrealized Gains (Losses)	4,356	9,439
Debt Obligations - Net Gains (Losses) and Other
Net Gains (Losses) From Investment Activities
Net Realized Gains (Losses)	7,575	35,741
Net Unrealized Gains (Losses)	$ (279,396)	$ (185,003)

INVESTMENTS - Summary of Invest

INVESTMENTS - Summary of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments
Fair Value	$ 29,785,312	$ 65,305,931
Private Equity
Investments
Fair Value	3,203,156	36,398,474
Credit
Investments
Fair Value	4,735,020	6,300,004
Investments of Consolidated CFEs
Investments
Fair Value	13,652,783	12,735,309
Real Assets
Investments
Fair Value	1,485,230	4,048,281
Equity Method
Investments
Fair Value	2,882,007	1,730,565
Carried Interest
Investments
Fair Value	2,736,548	245,066
Other
Investments
Fair Value	$ 1,090,568	$ 3,848,232

INVESTMENTS - Carried Interest

INVESTMENTS - Carried Interest (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Nonconsolidated Carried Interest [Roll Forward]
Balance at December 31, 2015	$ 245,066
Deconsolidation of Funds on Adoption of ASU 2015-02	2,712,962
Carried Interest Allocated as a result of Changes in Fund Fair Value	(116,956)
Fund Distributions	(104,524)
Balance at March 31, 2016	$ 2,736,548

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Investments
Fair value of investment with greater than 5% of total investments	$ 29,785,312	$ 65,305,931
Investment Concentration Risk | Investments
Investments
Minimum percentage of total investments	5.00%	5.00%
Alliance Boots | Investment Concentration Risk | Investments
Investments
Fair value of investment with greater than 5% of total investments		$ 5,100,000
First Data | Investment Concentration Risk | Investments
Investments
Fair value of investment with greater than 5% of total investments		4,300,000
Investment Type
Investments
Pledged assets	$ 14,600,000	$ 14,200,000

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Nov. 02, 2015
Level III | Private Equity
Assets, at fair value:
Total Assets	$ 1,313,701
Level III | Credit
Assets, at fair value:
Total Assets	4,256,576
Level III | Investments of Consolidated CFEs
Assets, at fair value:
Total Assets	5,550,482
Level III | Real Assets
Assets, at fair value:
Total Assets	1,426,693
Fair value measured on recurring basis
Assets, at fair value:
Total Investments	24,913,751	$ 64,221,906
Total Assets	25,023,517	64,862,792
Liabilities, at fair value:
Securities Sold Short	400,053	299,990
Unfunded Revolver Commitments	5,171	15,533
Total Liabilities	13,874,827	12,869,011
Fair value measured on recurring basis | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	13,317,612	12,365,222
Fair value measured on recurring basis | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	99,726	635,183
Liabilities, at fair value:
Total Liabilities	18,222	83,748
Fair value measured on recurring basis | Other Derivatives
Assets, at fair value:
Total Assets	10,040	5,703
Liabilities, at fair value:
Total Liabilities	133,769	104,518
Fair value measured on recurring basis | Private Equity
Assets, at fair value:
Total Investments	3,203,156	36,398,474
Fair value measured on recurring basis | Credit
Assets, at fair value:
Total Investments	4,735,020	6,300,004
Fair value measured on recurring basis | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	13,652,783	12,735,309
Fair value measured on recurring basis | Real Assets
Assets, at fair value:
Total Investments	1,485,230	4,048,281
Fair value measured on recurring basis | Equity Method
Assets, at fair value:
Total Investments	746,994	891,606
Fair value measured on recurring basis | Other
Assets, at fair value:
Total Investments	1,090,568	3,848,232
Fair value measured on recurring basis | Level I
Assets, at fair value:
Total Investments	2,449,073	17,431,336
Total Assets	2,452,333	17,431,336
Liabilities, at fair value:
Securities Sold Short	400,053	286,981
Unfunded Revolver Commitments	0	0
Total Liabilities	400,053	286,981
Fair value measured on recurring basis | Level I | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Level I | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Level I | Other Derivatives
Assets, at fair value:
Total Assets	3,260	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Level I | Private Equity
Assets, at fair value:
Total Investments	1,889,455	16,614,008
Fair value measured on recurring basis | Level I | Credit
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Real Assets
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Equity Method
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Other
Assets, at fair value:
Total Investments	559,618	817,328
Fair value measured on recurring basis | Level II
Assets, at fair value:
Total Investments	8,956,955	15,353,602
Total Assets	9,063,461	15,994,488
Liabilities, at fair value:
Securities Sold Short	0	13,009
Unfunded Revolver Commitments	5,171	15,533
Total Liabilities	7,949,256	12,582,030
Fair value measured on recurring basis | Level II | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	7,870,454	12,365,222
Fair value measured on recurring basis | Level II | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	99,726	635,183
Liabilities, at fair value:
Total Liabilities	18,222	83,748
Fair value measured on recurring basis | Level II | Other Derivatives
Assets, at fair value:
Total Assets	6,780	5,703
Liabilities, at fair value:
Total Liabilities	55,409	104,518
Fair value measured on recurring basis | Level II | Private Equity
Assets, at fair value:
Total Investments	0	880,928
Fair value measured on recurring basis | Level II | Credit
Assets, at fair value:
Total Investments	478,444	1,287,649
Fair value measured on recurring basis | Level II | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	8,102,301	12,735,309
Fair value measured on recurring basis | Level II | Real Assets
Assets, at fair value:
Total Investments	58,537	0
Fair value measured on recurring basis | Level II | Equity Method
Assets, at fair value:
Total Investments	291,049	0
Fair value measured on recurring basis | Level II | Other
Assets, at fair value:
Total Investments	26,624	449,716
Fair value measured on recurring basis | Level III
Assets, at fair value:
Total Investments	13,507,723	31,436,968
Total Assets	13,507,723	31,436,968
Liabilities, at fair value:
Securities Sold Short	0	0
Unfunded Revolver Commitments	0	0
Total Liabilities	5,525,518	0
Fair value measured on recurring basis | Level III | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	5,447,158	0
Fair value measured on recurring basis | Level III | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Level III | Other Derivatives
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	78,360	0
Fair value measured on recurring basis | Level III | Private Equity
Assets, at fair value:
Total Investments	1,313,701	18,903,538
Fair value measured on recurring basis | Level III | Credit
Assets, at fair value:
Total Investments	4,256,576	5,012,355
Fair value measured on recurring basis | Level III | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	5,550,482	0
Fair value measured on recurring basis | Level III | Real Assets
Assets, at fair value:
Total Investments	1,426,693	4,048,281
Fair value measured on recurring basis | Level III | Equity Method
Assets, at fair value:
Total Investments	455,945	891,606
Fair value measured on recurring basis | Level III | Other
Assets, at fair value:
Total Investments	$ 504,326	$ 2,581,188
Marshall Wace LLP
Liabilities, at fair value:
Equity interests acquired (as a percent)			24.90%
Entity interests acquired, option to increase, potential interest in acquiree			39.90%

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Level Three Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Change in Accounting Principle		$ 0
Private Equity | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	$ 18,903,538	26,276,021
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	(17,806,748)
Transfers In	0	0
Transfers Out	0	(1,212,235)
Asset Purchases / Debt Issuances	235,541	688,776
Sales	0	(327,054)
Settlements	0	0
Net Realized Gains (Losses)	0	145,084
Net Unrealized Gains (Losses)	(18,630)	561,623
Change in Other Comprehensive Income	0	0
Balance, End of Period	1,313,701	26,132,215
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	(18,630)	712,482
Credit | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	5,012,355	4,192,702
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	(710,348)
Transfers In	2,447	16,706
Transfers Out	0	(12,860)
Asset Purchases / Debt Issuances	344,055	433,196
Sales	(286,104)	(196,667)
Settlements	1,247	57,567
Net Realized Gains (Losses)	11,391	(6,536)
Net Unrealized Gains (Losses)	(121,708)	(257,883)
Change in Other Comprehensive Income	3,241	0
Balance, End of Period	4,256,576	4,226,225
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	(121,708)	(289,389)
Investments of Consolidated CFEs | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	0	92,495
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	0
Transfers In	4,343,829	108,340
Transfers Out	0	0
Asset Purchases / Debt Issuances	1,026,801	1,308
Sales	(7,278)	(3,138)
Settlements	0	(883)
Net Realized Gains (Losses)	0	0
Net Unrealized Gains (Losses)	187,130	(44,466)
Change in Other Comprehensive Income	0	0
Balance, End of Period	5,550,482	153,656
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	187,130	(44,466)
Real Assets | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	4,048,281	3,130,404
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	(2,628,999)
Transfers In	0	0
Transfers Out	(55,781)	0
Asset Purchases / Debt Issuances	224,519	853,770
Sales	(58,619)	(9,963)
Settlements	0	0
Net Realized Gains (Losses)	13,602	0
Net Unrealized Gains (Losses)	(116,310)	(100,112)
Change in Other Comprehensive Income	0	0
Balance, End of Period	1,426,693	3,874,099
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	(116,310)	(100,112)
Equity Method | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	891,606	898,206
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	0
Transfers In	0	0
Transfers Out	(311,270)	0
Asset Purchases / Debt Issuances	8,231	43,704
Sales	(57,560)	(49)
Settlements	0	0
Net Realized Gains (Losses)	(1,991)	0
Net Unrealized Gains (Losses)	(73,071)	(17,003)
Change in Other Comprehensive Income	0	0
Balance, End of Period	455,945	924,858
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	(73,071)	(17,003)
Other | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	2,581,188	1,234,795
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	(2,026,793)
Transfers In	0	1,187
Transfers Out	0	(1,710)
Asset Purchases / Debt Issuances	33,926	370,658
Sales	(55,528)	(99,114)
Settlements	0	1,969
Net Realized Gains (Losses)	(24,613)	1,229
Net Unrealized Gains (Losses)	(3,854)	(52,569)
Change in Other Comprehensive Income	0	0
Balance, End of Period	504,326	1,456,445
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	(3,854)	(54,428)
Investments | Level III
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	31,436,968	35,824,623
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	(23,172,888)
Transfers In	4,346,276	126,233
Transfers Out	(367,051)	(1,226,805)
Asset Purchases / Debt Issuances	1,873,073	2,391,412
Sales	(465,089)	(635,985)
Settlements	1,247	58,653
Net Realized Gains (Losses)	(1,611)	139,777
Net Unrealized Gains (Losses)	(146,443)	89,590
Change in Other Comprehensive Income	3,241	0
Balance, End of Period	13,507,723	36,767,498
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	$ (146,443)	$ 207,084

FAIR VALUE MEASUREMENTS - Cha55

FAIR VALUE MEASUREMENTS - Changes in Level Three Liabilities (Details) - Level III - Debt Obligations of Consolidated CFEs - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	$ 0	$ 7,615,340
Transfers Out Due to Deconsolidation of Funds on Adoption of ASU 2015-02	0
Transfers In	4,272,081	0
Transfers Out	0	0
Asset Purchases / Debt Issuances	990,450	0
Sales	0	0
Settlements	(7,278)	0
Net Realized Gains (Losses)	0	0
Net Unrealized Gains (Losses)	191,905	0
Change in Accounting Principle		(7,615,340)
Change in Other Comprehensive Income	0	0
Balance, End of Period	5,447,158	0
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	$ 191,905	$ 0

FAIR VALUE MEASUREMENTS - Trans

FAIR VALUE MEASUREMENTS - Transfers Between Fair Value Levels (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Assets, transfers from level II to level III	$ 4,346,276	$ 126,233
Assets, transfers from level III to level II	367,051	14,570
Assets, transfers from level III to level I	0	1,212,235
Liabilities, transfers from level II to level III	$ 4,272,081	$ 0

FAIR VALUE MEASUREMENTS - Valua

FAIR VALUE MEASUREMENTS - Valuation Methodologies and Significant Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / barrel	Dec. 31, 2015USD ($)
Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	$ 25,023,517	$ 64,862,792
Investments, fair value disclosure	$ 24,913,751	64,221,906
Minimum
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	5.00%
Private Equity | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	$ 3,203,156	36,398,474
Real Assets | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,485,230	4,048,281
Equity Method | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	746,994	891,606
Credit | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	4,735,020	6,300,004
Investments of Consolidated CFEs | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	13,652,783	12,735,309
Other | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,090,568	3,848,232
Level III | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	13,507,723	31,436,968
Investments, fair value disclosure	13,507,723	31,436,968
Level III | Private Equity
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	1,313,701
Level III | Private Equity | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,313,701	18,903,538
Level III | Private Equity | Private Equity
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	543,184
Level III | Private Equity | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	770,517
Level III | Real Assets
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	1,426,693
Level III | Real Assets | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,426,693	4,048,281
Level III | Real Assets | Energy
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	640,560
Level III | Real Assets | Real Estate
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	668,822
Level III | Real Assets | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	117,300
Level III | Equity Method | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	455,945	891,606
Level III | Credit
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	4,256,576
Level III | Credit | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	4,256,576	5,012,355
Level III | Investments of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	5,550,482
Level III | Investments of Consolidated CFEs | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	5,550,482	0
Level III | Investments of Consolidated CFEs | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	5,447,158
Level III | Other
Level III investments and other financial instruments by valuation methodologies
Value of investments in real assets whose valuation inputs are not comparable to other private equity investments	504,300
Level III | Other | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	$ 504,326	$ 2,581,188
Level III | Market Comparables | Private Equity | Minimum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	9.6
Enterprise Value/Forward EBITDA Multiple	8.1
Level III | Market Comparables | Private Equity | Maximum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	18
Enterprise Value/Forward EBITDA Multiple	15.2
Level III | Market Comparables | Private Equity | Weighted Average | Private Equity
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	12
Enterprise Value/Forward EBITDA Multiple	10.6
Level III | Inputs to direct income capitalization and discounted cash flow | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Weight Ascribed to Discounted Cash Flow (as a percent)	25.00%
Weight Ascribed to Direct Income Capitalization (as a percent)	0.00%
Level III | Inputs to direct income capitalization and discounted cash flow | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Weight Ascribed to Discounted Cash Flow (as a percent)	100.00%
Weight Ascribed to Direct Income Capitalization (as a percent)	75.00%
Level III | Inputs to direct income capitalization and discounted cash flow | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Weight Ascribed to Discounted Cash Flow (as a percent)	59.20%
Weight Ascribed to Direct Income Capitalization (as a percent)	40.80%
Level III | Direct Income Capitalization | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate (as a percent)	4.00%
Level III | Direct Income Capitalization | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate (as a percent)	10.90%
Level III | Direct Income Capitalization | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate (as a percent)	6.30%
Level III | Discounted cash flow | Private Equity | Minimum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	8.80%
Enterprise Value/LTM EBITDA Exit Multiple	8
Level III | Discounted cash flow | Private Equity | Maximum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	13.50%
Enterprise Value/LTM EBITDA Exit Multiple	12.4
Level III | Discounted cash flow | Private Equity | Weighted Average | Private Equity
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	11.00%
Enterprise Value/LTM EBITDA Exit Multiple	9.5
Level III | Discounted cash flow | Real Assets | Energy
Level III investments and other financial instruments by valuation methodologies
Revenue ratio of liquids (percent)	83.00%
Revenue ratio of natural gas (percent)	17.00%
Level III | Discounted cash flow | Real Assets | Minimum | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	8.00%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	23.46
Level III | Discounted cash flow | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate (as a percent)	6.80%
Level III | Discounted cash flow | Real Assets | Maximum | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	17.30%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	42.86
Level III | Discounted cash flow | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate (as a percent)	20.00%
Level III | Discounted cash flow | Real Assets | Weighted Average | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	11.00%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	38.55
Level III | Discounted cash flow | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate (as a percent)	9.30%
Level III | Discounted cash flow | Real Assets | Weighted Average | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	8.70%
Enterprise Value/LTM EBITDA Exit Multiple	11
Level III | Discounted cash flow | Investments of Consolidated CFEs | Minimum | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	1.60%
Level III | Discounted cash flow | Investments of Consolidated CFEs | Maximum | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	24.60%
Level III | Discounted cash flow | Investments of Consolidated CFEs | Weighted Average | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	5.50%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Minimum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	5.00%
Weight Ascribed to Market Comparables (as a percent)	0.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	12.50%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Minimum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	10.00%
Weight Ascribed to Market Comparables (as a percent)	7.50%
Weight Ascribed to Discounted Cash Flow (as a percent)	0.00%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Maximum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	15.00%
Weight Ascribed to Market Comparables (as a percent)	50.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	100.00%
Weight Ascribed to Transaction Price (as a percent)	75.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Maximum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	20.00%
Weight Ascribed to Market Comparables (as a percent)	100.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	85.00%
Weight Ascribed to Transaction Price (as a percent)	85.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Weighted Average | Private Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	9.90%
Weight Ascribed to Market Comparables (as a percent)	42.50%
Weight Ascribed to Discounted Cash Flow (as a percent)	46.70%
Weight Ascribed to Transaction Price (as a percent)	10.80%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Weighted Average | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	13.10%
Weight Ascribed to Market Comparables (as a percent)	51.30%
Weight Ascribed to Discounted Cash Flow (as a percent)	19.90%
Weight Ascribed to Transaction Price (as a percent)	28.80%
Level III | Scenario Weighting | Private Equity | Minimum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Scenario weighting, base (as a percent)	30.00%
Scenario weighting, downside (as a percent)	10.00%
Scenario weighting, upside (as a percent)	10.00%
Level III | Scenario Weighting | Private Equity | Maximum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Scenario weighting, base (as a percent)	80.00%
Scenario weighting, downside (as a percent)	40.00%
Scenario weighting, upside (as a percent)	33.30%
Level III | Scenario Weighting | Private Equity | Weighted Average | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Scenario weighting, base (as a percent)	50.50%
Scenario weighting, downside (as a percent)	26.00%
Scenario weighting, upside (as a percent)	23.50%
Level III | Yield Analysis | Credit | Minimum
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	4.90%
Net Leverage	0.9
EBITDA Multiple	1.1
Level III | Yield Analysis | Credit | Maximum
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	26.10%
Net Leverage	18.3
EBITDA Multiple	25.4
Level III | Yield Analysis | Credit | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	10.30%
Net Leverage	5.1
EBITDA Multiple	9.1

FAIR VALUE OPTION - Financial I

FAIR VALUE OPTION - Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	$ 16,031,702	$ 15,238,882
Liabilities	13,317,612	12,365,222
Private Equity
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	209,252	211,474
Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	957,057	936,063
Investments of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	13,652,783	12,735,309
Real Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	117,311	90,245
Equity Method
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	746,994	891,606
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	348,305	374,185
Debt Obligations of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	$ 13,317,612	$ 12,365,222

FAIR VALUE OPTION - Change in F

FAIR VALUE OPTION - Change in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	$ (45,992)	$ 101,234
Fair value, option, liabilities, realized gains (losses)	0	0
Fair value, option, assets, net unrealized gains (losses)	71,844	83,450
Fair value, option, liabilities, net unrealized gains (losses)	(267,456)	(107,056)
Private Equity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	0	115,535
Fair value, option, assets, net unrealized gains (losses)	(3,144)	24,027
Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	(5,196)	2,970
Fair value, option, assets, net unrealized gains (losses)	(45,641)	(4,386)
Investments of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	(36,989)	(17,271)
Fair value, option, assets, net unrealized gains (losses)	219,184	92,903
Real Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	0	0
Fair value, option, assets, net unrealized gains (losses)	5,240	(2,514)
Equity Method
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	(1,991)	0
Fair value, option, assets, net unrealized gains (losses)	(93,293)	(17,003)
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, realized gains (losses)	(1,816)	0
Fair value, option, assets, net unrealized gains (losses)	(10,502)	(9,577)
Debt Obligations of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, liabilities, realized gains (losses)	0	0
Fair value, option, liabilities, net unrealized gains (losses)	$ (267,456)	$ (107,056)

NET INCOME (LOSS) ATTRIBUTABL60

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT
Net Income (Loss) Attributable to KKR & Co. L.P.	$ (329,939)	$ 270,507
Basic Net Income (Loss) Per Common Unit
Weighted average common units outstanding - (in units)	450,262,143	434,874,820
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic (usd per share)	$ (0.73)	$ 0.62
Diluted Net Income (Loss) Per Common Unit
Weighted average common units outstanding - (in units)	450,262,143	434,874,820
Weighted average unvested common units and other exchangeable securities (in units)	0	37,350,524
Weighted average common units outstanding - diluted (in units)	450,262,143	472,225,344
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted (usd per share)	$ (0.73)	$ 0.57
Weighted average KKR holdings units outstanding (in units)	360,317,628	375,836,317

OTHER ASSETS AND ACCOUNTS PAY61

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Due from Broker	$ 340,702		$ 365,678
Oil & Gas Assets, net	298,010		355,537
Deferred Tax Assets, net	290,723		275,391
Interest, Dividend and Notes Receivable	277,229		372,699
Fixed Assets, net	230,134		226,340
Intangible Assets, net	171,731		176,987
Unsettled investment sales	147,332		74,862
Foreign Exchange Contracts and Options	99,726		635,183
Goodwill	89,000		89,000
Receivables	84,882		78,297
Derivative Assets	10,040		5,703
Deferred Transaction Related Expenses	35,462		35,422
Prepaid Taxes	21,855		24,326
Prepaid Expenses	15,383		13,697
Deferred Financing Costs	13,907		65,225
Other	60,980		14,790
Total	$ 2,187,096		2,809,137
Interest rate on promissory note (as a percent)	2.00%
Accumulated depreciation and amortization	$ 139,442		$ 135,487
Depreciation and amortization expense	$ 3,916	$ 3,914

OTHER ASSETS AND ACCOUNTS PAY62

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Amounts Payable to Carry Pool	$ 1,113,450	$ 1,199,000
Securities Sold Short	400,053	299,990
Unsettled Investment Purchases	222,287	594,152
Derivative Liabilities	133,769	104,518
Interest Payable	92,255	102,195
Accounts Payable and Accrued Expenses	79,038	112,007
Accrued Compensation and Benefits	59,987	17,765
Contingent consideration obligation	46,600	46,600
Deferred Rent and Income	23,677	21,706
Foreign Exchange Contracts and Options	18,222	83,748
Redemptions Payable	17,155	0
Taxes Payable	13,733	8,770
Due to Broker	0	27,121
Other Liabilities	43,087	97,778
Total	$ 2,263,313	$ 2,715,350

VARIABLE INTEREST ENTITIES - Ma

VARIABLE INTEREST ENTITIES - Maximum Exposure to Loss (Details) - Investments in Unconsolidated CLO Vehicles - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investments	$ 3,734,487	$ 264,277
Due from (to) Affiliates, net	(36,022)	4,315
Maximum Exposure to Loss	$ 3,698,465	$ 268,592

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Investments in Unconsolidated Investment Funds
Variable Interest Entity [Line Items]
Investments	$ 3,700,000
Commitment to unconsolidated investment funds	1,100,000
Investments in Unconsolidated CLO Vehicles
Variable Interest Entity [Line Items]
Investments	3,734,487	$ 264,277
Combined assets under management	1,400,000
Maximum exposure to loss as a result of investments in the residual interests	$ 1,600

DEBT OBLIGATIONS - KKR's Borrow

DEBT OBLIGATIONS - KKR's Borrowings (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Financing Available	$ 2,838,690,000	$ 4,965,238,000
Borrowing Outstanding	16,827,497,000	18,714,597,000
Fair Value	16,863,004,000	18,778,573,000
Investment Financing Facilities
Debt Instrument [Line Items]
Financing Available	1,338,690,000	3,465,238,000
Borrowing Outstanding	871,018,000	3,710,854,000
Fair Value	$ 871,018,000	$ 3,710,854,000
Weighted average interest rate (percentage)	2.90%	2.30%
Weighted average remaining maturity (in years)	3 years 2 months 12 days	2 years 6 months
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7,870,454,000	$ 8,093,141,000
Fair Value	7,870,454,000	8,093,141,000
Revolving Credit Facility | Corporate Credit Agreement
Debt Instrument [Line Items]
Financing Available	1,000,000,000	1,000,000,000
Borrowing Outstanding	0	0
Fair Value	0	0
Revolving Credit Facility | KCM Credit Agreement
Debt Instrument [Line Items]
Financing Available	500,000,000	500,000,000
Borrowing Outstanding	0	0
Fair Value	0	0
Senior Notes | 2020 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	497,363,000	497,217,000
Fair Value	583,355,000	$ 578,510,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	6.375%	6.375%
Senior Notes | 2043 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 490,900,000	$ 490,815,000
Fair Value	513,780,000	$ 517,880,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	5.50%	5.50%
Senior Notes | 2044 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 989,084,000	$ 988,985,000
Fair Value	985,810,000	$ 994,960,000
Aggregate principal amount	$ 1,000,000,000
Interest rate, stated percentage	5.125%	5.125%
Senior Notes | 2041 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 289,350,000	$ 289,660,000
Fair Value	270,549,000	$ 273,965,000
Aggregate principal amount	$ 259,000,000
Interest rate, stated percentage	8.375%	8.375%
Senior Notes | 2042 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 123,267,000	$ 123,346,000
Fair Value	120,701,000	$ 120,425,000
Aggregate principal amount	$ 115,000,000
Interest rate, stated percentage	7.50%	7.50%
Senior Notes | Junior Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 248,903,000	$ 248,498,000
Fair Value	200,179,000	216,757,000
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding		4,272,081,000
Fair Value	$ 5,447,158,000	$ 4,272,081,000
Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	4.50%
Weighted average remaining maturity (in years)	32 years 9 months 18 days
KFN | Junior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 284,000,000
Weighted average interest rate (percentage)	5.60%
Weighted average remaining maturity (in years)	20 years 6 months

DEBT OBLIGATIONS - Obligations

DEBT OBLIGATIONS - Obligations of Consolidated CLOs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowing Outstanding	$ 16,827,497	$ 18,714,597
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7,870,454	8,093,141
Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	2.40%
Weighted average remaining maturity (in years)	9 years 9 months 18 days
Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted average remaining maturity (in years)	8 years 7 months 6 days
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding		$ 4,272,081
Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	4.50%
Weighted average remaining maturity (in years)	32 years 9 months 18 days
Level II | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 13,317,612
Level II | Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	7,604,519
Level II | Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	265,935
Level II | Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding	$ 5,447,158

DEBT OBLIGATIONS - Narrative (D

DEBT OBLIGATIONS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Total Assets	$ 34,428,583,000	$ 71,042,339,000	$ 67,286,990,000
Consolidated VIEs
Debt Instrument [Line Items]
Total Assets	20,843,344,000	13,844,695,000
Consolidated CFEs | Consolidated VIEs
Debt Instrument [Line Items]
Total Assets	14,422,235,000	$ 13,844,695,000
KCM Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity (up to)	500,000,000
Letter of Credit | KCM Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity (up to)	$ 500,000,000
LIBOR | Minimum | KCM Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
LIBOR | Maximum | KCM Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Prime Rate | Minimum | KCM Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.25%
Prime Rate | Maximum | KCM Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	(0.25%)	0.82%
Unrecognized tax benefits, increase (decrease)	$ 0
Amount of change in unrecognized tax benefits that is reasonably possible	$ 0

EQUITY BASED COMPENSATION - Exp

EQUITY BASED COMPENSATION - Expense (Details) - Compensation and Benefits - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Expense associated with equity based compensation
Equity based expenses	$ 63,823	$ 76,550
Equity Incentive Plan Units
Expense associated with equity based compensation
Equity based expenses	49,961	52,265
KKR Holdings Market Condition Awards
Expense associated with equity based compensation
Equity based expenses	6,397	0
Other Exchangeable Securities
Expense associated with equity based compensation
Equity based expenses	3,256	3,768
KKR Holdings Principal Awards
Expense associated with equity based compensation
Equity based expenses	151	2,518
KKR Holdings Restricted Equity Units
Expense associated with equity based compensation
Equity based expenses	0	128
Discretionary Compensation
Expense associated with equity based compensation
Equity based expenses	$ 4,058	$ 17,871

EQUITY BASED COMPENSATION - Nar

EQUITY BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions	Feb. 11, 2016$ / shares	Feb. 19, 2014shares	Mar. 31, 2016USD ($)shares	Dec. 31, 2015$ / shares
Common Units
Equity Based Payments
Common unit distribution announced (in dollars per unit) | $ / shares	$ 0.16
Common unit distribution announced, per annum (in dollars per unit) | $ / shares				$ 0.64
Equity Incentive Plan Units
Equity Based Payments
Total awards issuable as a percentage of diluted common units outstanding			15.00%
Minimum retained ownership required to continuously hold common unit equivalents to as percentage of cumulatively vested interests			15.00%
Forfeiture rate assumed (as a percent)			8.00%
Estimated unrecognized equity-based payment expense | $			$ 332.1
Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than 1 year for equity bases awards)			1 year 3 months 18 days
Granted (in units) | shares			13,425,594
Equity Incentive Plan Units | Minimum
Equity Based Payments
Discount rate (as a percent)			8.00%
Equity Incentive Plan Units | Maximum
Equity Based Payments
Discount rate (as a percent)			56.00%
Other Exchangeable Securities
Equity Based Payments
Vesting period (in years)			3 years
Forfeiture rate assumed (as a percent)			8.00%
Estimated unrecognized equity-based payment expense | $			$ 6.5
Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than 1 year for equity bases awards)			1 year
Granted (in units) | shares		2,545,602	0
Common units conversion basis			1
Other Exchangeable Securities | Minimum
Equity Based Payments
Discount rate (as a percent)			8.00%
Other Exchangeable Securities | Maximum
Equity Based Payments
Discount rate (as a percent)			56.00%
KKR Holdings Market Condition Awards
Equity Based Payments
Vesting period (in years)			4 years
Forfeiture rate assumed (as a percent)			4.00%
Estimated unrecognized equity-based payment expense | $			$ 66.6
Granted (in units) | shares			28,875,000
KKR Holdings Market Condition Awards | Minimum
Equity Based Payments
Compensation expense recognition period (in years)			2 years
KKR Holdings Market Condition Awards | Maximum
Equity Based Payments
Compensation expense recognition period (in years)			5 years
KKR Holdings | Equity Incentive Plan Units
Equity Based Payments
Minimum transfer restriction period with respect to one-half awards vested (in years)			1 year
Portion of awards vested having one-year transfer restriction period (as a percent)			50.00%
Minimum transfer restriction period with respect to remaining one-half awards vested (in years)			2 years
Portion of awards vested having two-year transfer restriction period (as a percent)			50.00%
KKR Holdings | Equity Incentive Plan Units | Minimum
Equity Based Payments
Vesting period (in years)			3 years
KKR Holdings | Equity Incentive Plan Units | Maximum
Equity Based Payments
Vesting period (in years)			5 years

EQUITY BASED COMPENSATION - Est

EQUITY BASED COMPENSATION - Estimated Unrecognized Expense (Details) $ in Millions	Mar. 31, 2016USD ($)
Equity Incentive Plan Units
Equity Based Payments
Estimated unrecognized equity-based payment expense	$ 332.1
Equity Incentive Plan Units | Remainder of 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense	126.6
Equity Incentive Plan Units | 2017
Equity Based Payments
Estimated unrecognized equity-based payment expense	124.3
Equity Incentive Plan Units | 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense	67.2
Equity Incentive Plan Units | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense	14
KKR Holdings Market Condition Awards
Equity Based Payments
Estimated unrecognized equity-based payment expense	66.6
KKR Holdings Market Condition Awards | Remainder of 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense	19.5
KKR Holdings Market Condition Awards | 2017
Equity Based Payments
Estimated unrecognized equity-based payment expense	25.9
KKR Holdings Market Condition Awards | 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense	12.4
KKR Holdings Market Condition Awards | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense	6.5
KKR Holdings Market Condition Awards | 2020
Equity Based Payments
Estimated unrecognized equity-based payment expense	$ 2.3

EQUITY BASED COMPENSATION - Awa

EQUITY BASED COMPENSATION - Awards Rollforward (Details) - $ / shares	Feb. 19, 2014	Mar. 31, 2016
Equity Incentive Plan Units
Units
Balance at the beginning of the period (in units)		23,128,228
Granted (in units)		13,425,594
Vested (in units)		(12,218)
Forfeited (in units)		(874,764)
Balance at the end of the period (in units)		35,666,840
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)		$ 14.61
Granted (in dollars per unit)		13.44
Vested (in dollars per unit)		18.52
Forfeited (in dollars per unit)		14.60
Balance at the end of the period (in dollars per unit)		$ 14.17
Other Exchangeable Securities
Units
Balance at the beginning of the period (in units)		847,989
Granted (in units)	2,545,602	0
Vested (in units)		0
Forfeited (in units)		0
Balance at the end of the period (in units)		847,989
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)		$ 17.28
Granted (in dollars per unit)		0
Vested (in dollars per unit)		0
Forfeited (in dollars per unit)		0
Balance at the end of the period (in dollars per unit)		$ 17.28

EQUITY BASED COMPENSATION - Rem

EQUITY BASED COMPENSATION - Remaining Vesting Tranches (Details) - Equity Incentive Plan Units - shares	Mar. 31, 2016	Dec. 31, 2015
Equity Based Payments
Principal units (in units)	35,666,840	23,128,228
April 1, 2016
Equity Based Payments
Principal units (in units)	6,918,886
October 1, 2016
Equity Based Payments
Principal units (in units)	5,085,060
April 1, 2017
Equity Based Payments
Principal units (in units)	8,546,553
October 1, 2017
Equity Based Payments
Principal units (in units)	2,199,577
April 1, 2018
Equity Based Payments
Principal units (in units)	7,287,306
October 1, 2018
Equity Based Payments
Principal units (in units)	1,838,096
April 1, 2019
Equity Based Payments
Principal units (in units)	3,352,464
October 1, 2019
Equity Based Payments
Principal units (in units)	438,898

EQUITY BASED COMPENSATION - Fai

EQUITY BASED COMPENSATION - Fair Value Assumptions (Details) - KKR Holdings Market Condition Awards	3 Months Ended
	Mar. 31, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Closing KKR unit price as of valuation date (in dollars per unit)	$ 15.23
Risk free rate (as a percent)	1.72%
Volatility (as a percent)	25.00%
Dividend yield (as a percent)	4.20%
Expected cost of equity (as a percent)	11.76%

EQUITY BASED COMPENSATION - Uni

EQUITY BASED COMPENSATION - Units Granted and Respective Information (Details) - KKR Holdings Market Condition Awards shares in Thousands	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Equity Based Payments
Granted (in units) | shares	28,875
January 1, 2018
Equity Based Payments
Granted (in units) | shares	5,775
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 23.65
Grant date fair value per unit (in dollars per unit)	$ 5.07
January 1, 2019
Equity Based Payments
Granted (in units) | shares	5,775
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 27.02
Grant date fair value per unit (in dollars per unit)	$ 3.44
January 1, 2020
Equity Based Payments
Granted (in units) | shares	8,663
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 30.40
Grant date fair value per unit (in dollars per unit)	$ 2.32
January 1, 2021
Equity Based Payments
Granted (in units) | shares	8,663
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 33.78
Grant date fair value per unit (in dollars per unit)	$ 1.57

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of due from and due to affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transactions
Due from Affiliates	$ 318,567	$ 139,783
Due to Affiliates	429,448	144,807
Portfolio Companies
Related Party Transactions
Due from Affiliates	39,942	46,716
Unconsolidated Investment Funds
Related Party Transactions
Due from Affiliates	262,791	74,409
Due to Affiliates	298,813	0
Related Entities
Related Party Transactions
Due from Affiliates	15,834	18,658
Due to Affiliates	2,129	16,845
Due to KKR Holdings in connection with the tax receivable agreement
Related Party Transactions
Due to Affiliates	$ 128,506	$ 127,962

SEGMENT REPORTING - Financial D

SEGMENT REPORTING - Financial Data for KKR's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Management, Monitoring and Transaction Fees, Net
Fee Credits	$ (22,379)	$ (7,545)
Total Fees and Other	162,805	291,345
Performance Income (Loss)
Incentive Fees	(2,008)	5,639
Investment Income (Loss)
Total Investment Income (Loss)	(612,928)	2,182,835
Segment Expenses
Total Compensation and Benefits	125,489	364,999
Occupancy and Related Charges	16,566	15,732
Total Expenses	308,323	515,033
Income (Loss) attributable to noncontrolling interests	(158,784)	1,431,561
Total Assets	34,428,583	67,286,990	$ 71,042,339
Reportable segments
Management, Monitoring and Transaction Fees, Net
Management Fees	194,600	173,780
Monitoring Fees	12,037	97,838
Transaction Fees	96,085	103,286
Fee Credits	(22,807)	(80,494)
Total Fees and Other	279,915	294,410
Performance Income (Loss)
Realized Incentive Fees	1,593	5,665
Incentive Fees	97,288	302,425
Unrealized Carried Interest	(223,805)	139,284
Total Performance Income (Loss)	(124,924)	447,374
Investment Income (Loss)
Net Realized Gains (Losses)	(24,183)	180,667
Net Unrealized Gains (Losses)	(564,991)	(10,721)
Total Realized and Unrealized	(589,174)	169,946
Interest Income and Dividends	108,120	96,433
Interest Expense	(48,544)	(45,758)
Net Interest and Dividends	59,576	50,675
Total Investment Income (Loss)	(529,598)	220,621
Total Segment Revenues	(374,607)	962,405
Segment Expenses
Cash Compensation and Benefits	100,899	104,762
Realized Performance Income Compensation	39,552	123,235
Unrealized Performance Income Compensation	(86,642)	55,631
Total Compensation and Benefits	53,809	283,628
Occupancy and Related Charges	15,950	14,796
Other Operating Expenses	61,886	60,946
Total Expenses	131,645	359,370
Income (Loss) attributable to noncontrolling interests	667	3,622
Economic Net Income (Loss)	(506,919)	599,413
Total Assets	12,789,785	13,925,186
Reportable segments | Private Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	117,798	109,276
Monitoring Fees	12,037	97,838
Transaction Fees	37,398	46,599
Fee Credits	(22,596)	(69,906)
Total Fees and Other	144,637	183,807
Performance Income (Loss)
Realized Incentive Fees	0	0
Incentive Fees	93,450	302,425
Unrealized Carried Interest	(194,699)	126,937
Total Performance Income (Loss)	(101,249)	429,362
Investment Income (Loss)
Net Realized Gains (Losses)	0	0
Net Unrealized Gains (Losses)	0	0
Total Realized and Unrealized	0	0
Interest Income and Dividends	0	0
Interest Expense	0	0
Net Interest and Dividends	0	0
Total Investment Income (Loss)	0	0
Total Segment Revenues	43,388	613,169
Segment Expenses
Cash Compensation and Benefits	48,967	52,125
Realized Performance Income Compensation	37,380	120,970
Unrealized Performance Income Compensation	(75,000)	50,693
Total Compensation and Benefits	11,347	223,788
Occupancy and Related Charges	8,925	7,731
Other Operating Expenses	37,126	31,572
Total Expenses	57,398	263,091
Income (Loss) attributable to noncontrolling interests	0	719
Economic Net Income (Loss)	(14,010)	349,359
Total Assets	1,738,931	1,750,416
Reportable segments | Public Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	76,802	64,504
Monitoring Fees	0	0
Transaction Fees	1,132	13,430
Fee Credits	(211)	(10,588)
Total Fees and Other	77,723	67,346
Performance Income (Loss)
Realized Incentive Fees	1,593	5,665
Incentive Fees	3,838	0
Unrealized Carried Interest	(29,106)	12,347
Total Performance Income (Loss)	(23,675)	18,012
Investment Income (Loss)
Net Realized Gains (Losses)	0	0
Net Unrealized Gains (Losses)	0	0
Total Realized and Unrealized	0	0
Interest Income and Dividends	0	0
Interest Expense	0	0
Net Interest and Dividends	0	0
Total Investment Income (Loss)	0	0
Total Segment Revenues	54,048	85,358
Segment Expenses
Cash Compensation and Benefits	19,054	16,993
Realized Performance Income Compensation	2,172	2,265
Unrealized Performance Income Compensation	(11,642)	4,938
Total Compensation and Benefits	9,584	24,196
Occupancy and Related Charges	2,675	2,478
Other Operating Expenses	9,278	12,038
Total Expenses	21,537	38,712
Income (Loss) attributable to noncontrolling interests	0	175
Economic Net Income (Loss)	32,511	46,471
Total Assets	1,080,077	582,966
Reportable segments | Capital Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	0	0
Monitoring Fees	0	0
Transaction Fees	57,555	43,257
Fee Credits	0	0
Total Fees and Other	57,555	43,257
Performance Income (Loss)
Realized Incentive Fees	0	0
Incentive Fees	0	0
Unrealized Carried Interest	0	0
Total Performance Income (Loss)	0	0
Investment Income (Loss)
Net Realized Gains (Losses)	0	0
Net Unrealized Gains (Losses)	0	0
Total Realized and Unrealized	0	0
Interest Income and Dividends	0	0
Interest Expense	0	0
Net Interest and Dividends	0	0
Total Investment Income (Loss)	0	0
Total Segment Revenues	57,555	43,257
Segment Expenses
Cash Compensation and Benefits	8,168	8,852
Realized Performance Income Compensation	0	0
Unrealized Performance Income Compensation	0	0
Total Compensation and Benefits	8,168	8,852
Occupancy and Related Charges	628	636
Other Operating Expenses	4,096	3,506
Total Expenses	12,892	12,994
Income (Loss) attributable to noncontrolling interests	667	2,728
Economic Net Income (Loss)	43,996	27,535
Total Assets	306,996	245,381
Reportable segments | Principal Activities
Management, Monitoring and Transaction Fees, Net
Management Fees	0	0
Monitoring Fees	0	0
Transaction Fees	0	0
Fee Credits	0	0
Total Fees and Other	0	0
Performance Income (Loss)
Realized Incentive Fees	0	0
Incentive Fees	0	0
Unrealized Carried Interest	0	0
Total Performance Income (Loss)	0	0
Investment Income (Loss)
Net Realized Gains (Losses)	(24,183)	180,667
Net Unrealized Gains (Losses)	(564,991)	(10,721)
Total Realized and Unrealized	(589,174)	169,946
Interest Income and Dividends	108,120	96,433
Interest Expense	(48,544)	(45,758)
Net Interest and Dividends	59,576	50,675
Total Investment Income (Loss)	(529,598)	220,621
Total Segment Revenues	(529,598)	220,621
Segment Expenses
Cash Compensation and Benefits	24,710	26,792
Realized Performance Income Compensation	0	0
Unrealized Performance Income Compensation	0	0
Total Compensation and Benefits	24,710	26,792
Occupancy and Related Charges	3,722	3,951
Other Operating Expenses	11,386	13,830
Total Expenses	39,818	44,573
Income (Loss) attributable to noncontrolling interests	0	0
Economic Net Income (Loss)	(569,416)	176,048
Total Assets	$ 9,663,781	$ 11,346,423

SEGMENT REPORTING - Fees (Detai

SEGMENT REPORTING - Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Total investment income (loss)	$ (612,928)	$ 2,182,835
Revenue earned by oil & gas producing entities	13,561	24,944
Fees and Other	162,805	291,345
Reportable segments
Segment Reporting Information [Line Items]
Total Segment Revenues	(374,607)	962,405
Net realized and unrealized carried interest	124,924	(447,374)
Total investment income (loss)	(529,598)	220,621
Fees and Other	279,915	294,410
Segment Reconciling Items
Segment Reporting Information [Line Items]
Management fees relating to consolidated funds and other entities	(38,270)	(125,575)
Fee credits relating to consolidated funds	428	72,949
Net realized and unrealized carried interest	9,561	(441,709)
Total investment income (loss)	529,598	(220,621)
Revenue earned by oil & gas producing entities	13,561	24,944
Reimbursable expenses	15,881	9,778
Other	$ 6,653	$ 9,174

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Total Expenses	$ 308,323	$ 515,033
Reportable segments
Segment Reporting Information [Line Items]
Total Expenses	131,645	359,370
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity based compensation	63,823	76,550
Reimbursable expenses	24,107	19,859
Operating expenses relating to consolidated funds, CFEs and other entities	43,671	10,970
Expenses incurred by oil & gas producing entities	17,826	21,078
Intangible amortization, acquisition, litigation and certain non-recurring costs	17,393	15,471
Other	$ 9,858	$ 11,735

SEGMENT REPORTING - Income (Los

SEGMENT REPORTING - Income (Loss) Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Income tax expense (benefit)	$ 1,890	$ 16,138
Equity based compensation	(63,823)	(76,550)
Net Income (Loss) Attributable to KKR & Co. L.P.	(329,939)	270,507
Net Income (Loss) Attributable to Noncontrolling Interests	(430,359)	1,670,569
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(38)	1,933
Income (loss) before taxes	(758,446)	1,959,147
Reportable segments
Segment Reporting Information [Line Items]
Economic net income (loss)	(506,919)	599,413
Segment Reconciling Items
Segment Reporting Information [Line Items]
Income tax expense (benefit)	1,890	16,138
Amortization of intangibles and other, net	(28,882)	2,790
Equity based compensation	(63,823)	(76,550)
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	271,575	(239,008)
Net Income (Loss) Attributable to KKR & Co. L.P.	$ (329,939)	$ 270,507

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 34,428,583	$ 71,042,339	$ 67,286,990
Reportable segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	12,789,785		13,925,186
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidation of KKR Funds, CFEs and other entities	21,560,382		53,287,550
Accounting basis difference for oil & natural gas properties	$ 78,416		$ 74,254

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	4
Expenses allocated, number of segments	3

EQUITY (Details)

EQUITY (Details) - USD ($)	May. 06, 2016	Apr. 25, 2016	Mar. 17, 2016	Feb. 11, 2016	Oct. 27, 2015
2015 Unit Repurchase Program
Class of Stock [Line Items]
Unit repurchase program, authorized amount (in units)					$ 500,000,000
Series A Preferred Units
Class of Stock [Line Items]
Units issued (in units)			13,800,000
Preferred units dividend rate (as a percent)			6.75%
Liquidation preference per share (in dollars per unit)			$ 25
Redemption price per unit (in dollars per unit)			$ 25
Redemption terms, change of control event, required period of notice (in days)			30 days
Redemption terms, change of control event, threshold days of occurrence (in days)			60 days
Change of control even, redemption price per share (in dollars per unit)			$ 25.25
Change of control event, increase in dividend rate (as a percent)			5.00%
Series A Preferred Units | Subsequent Event
Class of Stock [Line Items]
Unit distribution announced (in dollars per unit)	$ 0.412500
Common Units
Class of Stock [Line Items]
Unit distribution announced (in dollars per unit)				$ 0.16
Common Units | Subsequent Event
Class of Stock [Line Items]
Unit distribution announced (in dollars per unit)		$ 0.16

GOODWILL AND INTANGIBLE ASSET84

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value of goodwill	$ 89,000	$ 89,000
Intangible Assets, Net consists of the following:
Finite-Lived Intangible Assets	284,766	284,766
Accumulated Amortization (includes foreign exchange)	(113,035)	(107,779)
Intangible Assets, Net	$ 171,731	$ 176,987

GOODWILL AND INTANGIBLE ASSET85

GOODWILL AND INTANGIBLE ASSETS - Change in Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Changes in Intangible Assets, Net consists of the following:
Balance, Beginning of Period	$ 176,987
Amortization Expense	(6,774)
Foreign Exchange	1,518
Balance, End of Period	$ 171,731

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2016USD ($)
Contingent Repayment Guarantees
Private equity fund carried interest amount subject to clawback provision assuming liquidation at fair value	$ 0
Liquidation value for clawback obligation	0
Clawback obligation amount if private equity vehicles liquidated at fair value	2,448,900,000
Clawback receivable maximum potential amount (up to)	223,600,000
Clawback receivable	159,700,000
Clawback obligations, amount due from noncontrolling interest holders	0
Private Equity
Investment Commitments
Unfunded commitments	1,921,800,000
Capital Market Investments
Investment Commitments
Unfunded commitments	77,800,000
Merchant Capital Solutions Llc
Investment Commitments
Unfunded commitments	128,600,000
Other Investment Commitments
Investment Commitments
Unfunded commitments	$ 128,100,000

REGULATORY CAPITAL REQUIREMEN87

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)entity
REGULATORY CAPITAL REQUIREMENTS
Number of entities based in Mumbai subject to capital requirements of the RBI and SEBI | entity	2
Cash restricted for payment of cash dividend and advances | $	$ 164

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	May. 06, 2016	Apr. 25, 2016	Feb. 11, 2016
Common Units
Subsequent Events
Unit distribution announced (in dollars per unit)			$ 0.16
Common Units | Subsequent Event
Subsequent Events
Unit distribution announced (in dollars per unit)		$ 0.16
Series A Preferred Units | Subsequent Event
Subsequent Events
Unit distribution announced (in dollars per unit)	$ 0.412500